August 21, 2004 |
Wall Street continued to hammer clothier Wet Seal Inc. on Friday, sending its stock plummeting nearly 60% to an all-time low and leading to speculation about a possible bankruptcy filing. The Foothill Ranch-based company, which operates 468 Wet Seal and 95 Arden B. shops, surprised analysts Thursday when it reported lower-than-expected earnings in its fiscal second quarter and warned that third-quarter results would fall well below forecasts. The shares fell $1.25 to 85 cents on Nasdaq.
August 10, 2004 |
Four weeks after his apparel line made a grand entrance in stores, Wet Seal Inc.'s creative director is making his exit. Victor Alfaro, heralded as the fashion rainmaker who could end Wet Seal's sales drought, has been released from his contract effective Aug. 15, the Foothill Ranch-based company said in a statement Monday. The decision to part company was mutual, a spokeswoman for the firm said. Alfaro couldn't be reached for comment.
August 5, 2004 |
Wet Seal Inc., struggling to boost sales and bring back its teen girl customer base, has appointed a new chairman and three new independent directors to its board. The ailing Foothill Ranch-based retailer said Tuesday after the markets closed that Irving Teitelbaum, 65, chairman of the firm for 20 years, would retire. The company's chief executive, Peter D. Whitford, 49, will take on the additional role of chairman. In addition, two board members resigned and three new ones were appointed.
May 28, 2004 |
At Wet Seal Inc.'s annual meeting Thursday, the seven directors of the teen clothier -- men in suits and ties with an average age of 66 -- sat on the dais as a music video showed young people dancing suggestively. Next to the staid men were mannequins adorned in short skirts and low-slung jeans. The disconnect didn't escape shareholders. Might Wet Seal consider adding "new blood with some fresh ideas" to the board, a man in the audience asked? Some women, perhaps?
May 26, 2004 |
Wet Seal Inc., which sells trendy clothes to teens and young women, said Tuesday that it had dropped a lawsuit alleging that rival Bebe Stores Inc. improperly hired a former Wet Seal executive. The suit, filed by Wet Seal in Orange County Superior Court in February, alleged that Greg Scott, who had resigned as president of Wet Seal's Arden B. unit the previous month, violated his employment agreement when he joined Bebe as chief executive and that Bebe may have garnered confidential information.
May 21, 2004 |
Wet Seal Inc., its losses widening as it struggles to reconnect with teenage girls, said Thursday that it was launching a new marketing campaign that includes using fashion-savvy teens to keep it clued in to hot trends. The Foothill Ranch-based retailer also announced that it has hired Anne Zehren, former publisher of Teen People magazine, as a "teen culture consultant" to help develop marketing plans to pull customers into stores.
April 13, 2004 |
In another blow to Wet Seal Inc., a Superior Court judge Monday denied the struggling retailer's request for a preliminary injunction that it claimed was needed to protect its trade secrets and stem the flow of workers to competitor Bebe Stores Inc. The hearing is just one skirmish in a legal battle that is underway involving the two retail rivals and Bebe Chief Executive Greg Scott, who until January was president of Wet Seal's Arden B. division.
April 12, 2004 |
Wet Seal Inc., which has spent the last two years trying to regain its footing, will turn to a Superior Court judge today for a hand. The retailer is scheduled to ask the judge to protect its trade secrets and help stem the flow of employees to a rival chain-store operator. Certainly, Wet Seal needs an assist. The company, based in Foothill Ranch, is in one of the most turbulent segments of retailing: Selling clothes to trend-hungry teenage girls and young women.
March 19, 2004 |
Hurt by fashion missteps, wimpy sales and hefty merchandise markdowns, Wet Seal Inc. tripled its loss in the fourth quarter and offered a disappointing projection for the start of its new fiscal year. The retailer of clothes and accessories for teens and young women reported a net loss of $17.8 million, or 60 cents a share, for the three months that ended Jan. 31, compared with a loss of $5.6 million, or 20 cents, in the fourth quarter a year earlier.
March 2, 2004 |
Retailer Wet Seal Inc. has won a temporary restraining order against a former company employee who two weeks ago was named chief executive of a key rival in the coveted young women's apparel market. The court order against Greg Scott, former president of Wet Seal's Arden B. division, prohibits him from luring Wet Seal workers to his new employer, Bebe Stores Inc., or disclosing Wet Seal trade secrets. That, analysts say, means Scott cannot attempt to raid Arden B.'