Content about Wet Seal

January 16, 2015

Wet Seal Inc. has become the latest clothing retailer to seek bankruptcy protection as mall-based stores lose business to big-box chains and online merchants.

Wet Seal Inc. has become the latest clothing retailer to seek bankruptcy protection as mall-based stores lose business to big-box chains and online merchants.

The move by Wet Seal comes a week after the struggling teen retailer said it was closing 338 of its stores, leaving it with approximately 173 stores nationwide.

January 9, 2015

Teens will soon have fewer choices when it comes to shopping for the latest fashions. 

Teens will soon have fewer choices when it comes to shopping for the latest fashions.

Deb Shops announced it has won court approval to launch going-out-of-business sales that will culminate with the closing of nearly 300 stores.

“We thank our many customers and dedicated employees for their tremendous loyalty over the years and are very proud of our associates’ commitment to maintaining the high level of customer service we are known for throughout this transition,” said Dawn Robertson, CEO at Deb Shops.

January 7, 2015

Things are not looking up at Wet Seal, which has announced that it will close 338 stores, or about 66% of its total portfolio, “on or about” Jan. 7, resulting in the termination of some 3,695 full- and part-time employees. 

Things are not looking up at Wet Seal, which has announced that it will close 338 stores, or about 66% of its total portfolio, “on or about” Jan. 7, resulting in the termination of some 3,695 full- and part-time employees.

The struggling teen apparel retailer said the decision to close the stores was based on its overall financial condition and an inability to negotiate meaningful concessions from its landlords.

The company said the 338 stores represented approximately 48% of its sales for the nine months ending on November 1, 2014.

January 5, 2015

Embattled teen retailer Wet Seal Inc. has defaulted on $27 million in senior convertible notes and related costs.

Embattled teen retailer Wet Seal Inc. has defaulted on $27 million in senior convertible notes and related costs.

In a regulatory filing, Wet Seal said the total amount due is equal to $28.8 million, plus costs of collection, attorneys’ fees and disbursements.

December 11, 2014

Wet Seal may file for bankruptcy protection if it fails to immediately resolve its liquidity issues, the company said.

Wet Seal may file for bankruptcy protection if it fails to immediately resolve its liquidity issues, the company said.

November 25, 2014

Wet Seal has hired an investment banker and a senior adviser to analyze potential financial alternatives for the struggling retailer.

Wet Seal has hired an investment banker and a senior adviser to analyze potential financial alternatives for the struggling retailer.

The company said it has hired investment bank Houlihan Lokey and former Tilly's Inc. executive William Langsdorf to aid in a strategic review. Wet Seal said it has not set a deadline for completion of the process and that “there can be no assurance that the exploration of the potential alternatives will result in a transaction.”

November 25, 2014

Wet Seal has hired an investment banker and a senior adviser to analyze potential financial alternatives for the struggling retailer.

Wet Seal has hired an investment banker and a senior adviser to analyze potential financial alternatives for the struggling retailer.

The company said it has hired investment bank Houlihan Lokey and former Tilly's Inc. executive William Langsdorf to aid in a strategic review. Wet Seal said it has not set a deadline for completion of the process and that “there can be no assurance that the exploration of the potential alternatives will result in a transaction.”

October 3, 2014

Leadership changes continue at struggling specialty retailer Wet Seal. Just one month after appointing Edmond Thomas as CEO, following John D. Goodman’s departure, CFO Steve Benrubi has resigned. He will remain with the company through December 1 to assist with the transition.

Leadership changes continue at struggling specialty retailer Wet Seal. Just one month after appointing Edmond Thomas as CEO, following John D. Goodman’s departure, CFO Steve Benrubi has resigned. He will remain with the company through December 1 to assist with the transition.

The company said it plans to search for a new CFO, but offered no further details.

September 3, 2014

Wet Seal CEO John D. Goodman has resigned from the role he took in January 2013. He was charged with turning things around for the struggling retailer and replaced Susan McGalla, who was ousted after 11 months amid declining sales. Goodman is to be succeeded by Edmond Thomas, who rejoins the company as CEO and a member of the board as of Sept. 8.

Wet Seal CEO John D. Goodman has resigned from the role he took in January 2013. He was charged with turning things around for the struggling retailer and replaced Susan McGalla, who was herself ousted after 11 months amid declining sales.

September 3, 2014

Wet Seal CEO John D. Goodman has resigned from the role he took in January 2013. He was charged with turning things around for the struggling retailer and replaced Susan McGalla, who was ousted after 11 months amid declining sales. Goodman is to be succeeded by Edmond Thomas, who rejoins the company as CEO and a member of the board as of Sept. 8.

Wet Seal CEO John D. Goodman has resigned from the role he took in January 2013. He was charged with turning things around for the struggling retailer and replaced Susan McGalla, who was herself ousted after 11 months amid declining sales.

August 15, 2014

Wet Seal is partnering with girl group Fifth Harmony for a new collection of clothes that will be rolled out over the next three seasons.

Wet Seal is partnering with girl group Fifth Harmony for a new collection of clothes that will be rolled out over the next three seasons.

The line will feature styles modeled on each member of the five-piece group, which formed in 2012 during the second season of “The X Factor.” Basing different pieces of the collection on each member of Fifth Element means a diversity that will range from grunge looks to more dressy styles.

August 15, 2014

Wet Seal is partnering with girl group Fifth Harmony for a new collection of clothes that will be rolled out over the next three seasons.

Wet Seal is partnering with girl group Fifth Harmony for a new collection of clothes that will be rolled out over the next three seasons.

The line will feature styles modeled on each member of the five-piece group, which formed in 2012 during the second season of “The X Factor.” Basing different pieces of the collection on each member of Fifth Element means a diversity that will range from grunge looks to more dressy styles.

August 1, 2014

The Wet Seal named Christine Lee EVP and chief merchandising officer, as the retailer of young women’s apparel looks to regain its appeal with core shoppers and reverse several quarters’ worth of double-digit same-store sales declines.

The Wet Seal named Christine Lee EVP and chief merchandising officer, as the retailer of young women’s apparel looks to regain its appeal with core shoppers and reverse several quarters’ worth of double-digit same-store sales declines.

Lee will join Wet Seal on September 3 and in her new role report to company CEO John Goodman. Lee previously served as SVP and general merchandise manager at Pacific Sunwear since 2010. Prior to Pac-Sun, she spent 18 years with Urban Outfitters where she began her career as a sales associate.

April 25, 2014

The Wet Seal is winding down its Arden B brand. Arden B currently operates 54 mall-based stores and an e-commerce site. In the fiscal year ended Feb. 1, the brand generated net sales of $60.4 million and represented 11% of consolidated net sales.

The Wet Seal is winding down its Arden B brand. Arden B currently operates 54 mall-based stores and an e-commerce site. In the fiscal year ended Feb. 1, the brand generated net sales of $60.4 million and represented 11% of consolidated net sales.

“This was a difficult decision that followed a comprehensive review of the business and market dynamics. We would like to thank all of our Arden B team members for their hard work and dedication to the brand, and also extend our gratitude to our loyal customers,” said CEO John D. Goodman.

February 4, 2014

The Wet Seal board member Mindy C. Meads has resigned her spot to focus on her new role as CEO of Calypso St. Barth.

The Wet Seal board member Mindy C. Meads has resigned her spot to focus on her new role as CEO of Calypso St. Barth.

“Mindy has been a valued member of the board of directors and we wish her well in her future endeavors with Calypso St. Barth. Mindy’s leadership as chair of the Nominating and Corporate Governance Committee and her general contributions to the board were a value to the company and its shareholders,” said Lynda Davey, non-executive chairperson.

January 17, 2014

Leading beauty products manufacturer Elizabeth Arden is the latest company to cite an intensely promotional marketplace as the reason for worse-than-expected holiday season sales and profits.

Leading beauty products manufacturer Elizabeth Arden is the latest company to cite an intensely promotional marketplace as the reason for worse-than-expected holiday season sales and profits.

The company said sales for its second quarter ended Dec. 31, would be in the range of $414 to $418 million and earnings per share would be between $1.13 and $1.16, substantially below sales of $468 million and earnings of $1.47 during the same period the prior year.

August 8, 2013

The Wet Seal Inc. reported net sales of $137.2 million during the second quarter of fiscal 2013. Despite seeing a 1.5% increase from the second quarter of the previous year, results fell a bit short of the $138.5 million analysts had estimated.

FOOTHILL RANCH, Calif. — The Wet Seal Inc. reported net sales of $137.2 million during the second quarter of fiscal 2013. Despite seeing a 1.5% increase from the second quarter of the previous year, results fell a bit short of the $138.5 million analysts had estimated.

August 1, 2013

Specialty retailer Wet Seal has signed on with Demandware to use the cloud commerce solutions provider’s commerce platform as a component of its e-commerce and digital marketing strategy.

BURLINGTON, Mass. — Specialty retailer Wet Seal has signed on with Demandware to use the cloud commerce solutions provider’s commerce platform as a component of its e-commerce and digital marketing strategy. 

Wet Seal is looking to leverage the platform’s offerings — which according to Demandware include fast time-to-market, a rich set of merchandising capabilities and a secure, scalable environment to support omnichannel operations — to provide customers with optimal online and mobile shopping services. 

August 1, 2013

Specialty retailer Wet Seal has signed on with Demandware to use the cloud commerce solutions provider’s commerce platform as a component of its e-commerce and digital marketing strategy.

BURLINGTON, Mass. — Specialty retailer Wet Seal has signed on with Demandware to use the cloud commerce solutions provider’s commerce platform as a component of its e-commerce and digital marketing strategy. 

Wet Seal is looking to leverage the platform’s offerings — which according to Demandware include fast time-to-market, a rich set of merchandising capabilities and a secure, scalable environment to support omnichannel operations — to provide customers with optimal online and mobile shopping services. 

June 10, 2013

The Wet Seal has appointed retail veteran Lesli Gilbert to the position of EVP, stores and operations. She replaces Barbara Cook, who resigned as the company's SVP of store operations in February.

FOOTHILL RANCH, Calif. — The Wet Seal has appointed retail veteran Lesli Gilbert to the position of EVP, stores and operations. She replaces Barbara Cook, who resigned as the company's SVP of store operations in February.

May 28, 2013

The Wet Seal’s CEO focused on the positive following the company’s first quarter results for the period ended May 4.

FOOTHILL RANCH, Calif. — The Wet Seal’s CEO focused on the positive following the company’s first quarter results for the period ended May 4.

April 1, 2013

Wet Seal has announced the promotions of the company’s two divisional merchandising managers for its Wet Seal brand.

FOOTHILL RANCH, Calif. — Wet Seal has announced the promotions of the company’s two divisional merchandising managers for its Wet Seal brand. Kim Bajrech has been appointed SVP, general merchandising manager apparel, and Debbie Shinn has been appointed SVP, general merchandising manager accessories and ready-to-wear.

March 21, 2013

The Wet Seal reported that net sales for the fourth quarter were $161.7 million compared with net sales of $163.2 million for the 13-week fourth quarter in fiscal 2011.

FOOTHILL RANCH, Calif. — The Wet Seal reported that net sales for the fourth quarter were $161.7 million compared with net sales of $163.2 million for the 13-week fourth quarter in fiscal 2011.

Consolidated comparable-store sales declined 8.3%, including a comparable-store sales decline of 9.1% at Wet Seal and 3.1% at Arden B. 

Net loss was $85.8 million, or 97 cents per diluted share, as compared with net income of $1.1 million, or 1 cent per diluted share, in the prior year quarter. 

February 11, 2013

The Wet Seal announced that Barbara Cook, SVP store operations, has resigned from the company to accept a new professional opportunity.

FOOTHILL RANCH, Calif. — The Wet Seal announced that Barbara Cook, SVP store operations, has resigned from the company to accept a new professional opportunity. Cook will remain with the company until Feb. 20 to assist with transition of her responsibilities.

John Goodman, CEO of The Wet Seal, Inc., commented: “We thank Barbara for her service to the company since joining us in late 2011 and wish her all the best in her new role.”

 

February 4, 2013

The Wet Seal Inc. on Friday announced that its COO is resigning as the struggling retailer initiates a corporate workforce reduction as part of a broader cost-saving initiative.

FOOTHILLS RANCH, Calif.  —  The Wet Seal Inc. on Friday announced that its COO is resigning as the struggling retailer initiates a corporate workforce reduction as part of a broader cost-saving initiative. In other moves, it will shutter two poor-performing Arden B stores.

The struggling chain, which also authorized a $25 million stock buyback program, said president and COO Ken Seipel resigned effective immediately. His position will not be filled. Instead, Seipel's duties will be shared between CEO John Goodman and CFO Steve Benrubi.