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Wet Seal Inc

BUSINESS
January 22, 2004 | Leslie Earnest
Wet Seal Inc. agreed to pay $90,000 to four garment workers who said they were underpaid by one of the company's contractors. The settlement was the first time a retailer had agreed to pay garment workers under a state law that allows them to file claims for alleged labor violations against their employer as well as the firms that contract with the employer.
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BUSINESS
January 8, 2004 | Leslie Earnest, Times Staff Writer
Beleaguered retailer Wet Seal Inc. said Wednesday that it intended to sell or close its "tween"-oriented Zutopia chain and turn its full attention to the teen and young women's market. The Foothill Ranch-based company also announced the resignation of Greg Scott, president of Arden B., another one of its four apparel chains, which analysts say lately has been its best-performing division. The company declined to comment on Scott's departure, and he could not be reached for comment.
BUSINESS
November 21, 2003 | Leslie Earnest, Times Staff Writer
Wet Seal Inc.'s road to recovery grew a little bit longer Thursday. Shares in the teen apparel retailer plunged 11.5% after the company reported that its loss tripled in the third quarter, that its fourth quarter would be gloomier than expected and that its chief financial officer was resigning. The parent of 622 Wet Seal, Arden B., Contempo Casuals and Zutopia stores reported a net loss of $7.5 million, or 25 cents a share, compared with a loss of $2.
BUSINESS
November 4, 2003 | Leslie Earnest, Times Staff Writer
A trial to determine whether retailer Wet Seal Inc. must pay a portion of back wages owed to four contract garment workers has been postponed until Jan. 8. A Los Angeles County Superior Court judge postponed the trial after agreeing to hear a motion Dec. 15 by Foothill Ranch-based Wet Seal to have the court rule without a jury trial, said Cassandra Stubbs, an attorney for the workers.
BUSINESS
October 26, 2003 | Leslie Earnest, Times Staff Writer
Kathy Bronstein steered her way through Bloomingdale's at the Fashion Island shopping center in Newport Beach, running her hands along velour sweat suits, pleated miniskirts and ribbed T-shirts. "Nice jacket, nothing different," she said, examining a $350 coat before burying her fingers in a furry vest. "Fur vests -- yawn, yawn. Basically, it's the same thing as last year." Bronstein wasn't bored. The former chief executive of teen-apparel retailer Wet Seal Inc.
BUSINESS
October 21, 2003 | Leslie Earnest, Times Staff Writer
A trial to determine whether trendy apparel retailer Wet Seal Inc. is responsible for a portion of back wages owed to four garment workers who made its clothes under contract was postponed Monday. A Los Angeles County Superior Court judge rescheduled the proceedings, which are slated to begin Nov. 17. The non-jury trial was expected to last about a week. The case will focus on a California statute that was meant to clarify who is liable when garment workers are underpaid.
BUSINESS
October 20, 2003 | Leslie Earnest, Times Staff Writer
In a case being closely watched by California's estimated $22-billion apparel industry, Wet Seal Inc. is scheduled to go to court today to determine whether it is responsible for some of the wages owed to garment workers who were underpaid by a contractor.
BUSINESS
August 22, 2003 | From Bloomberg News
Wet Seal Inc., a retailer of clothing for teenage girls, Thursday reported a loss in its fiscal second quarter as sales of shirts plunged, and forecast a loss in the third quarter. The company had warned that its second-quarter loss probably would be worse than forecast. Nonetheless, the news caused Wet Seal's stock price to tumble 8%, or 92 cents, to $10.60 on Nasdaq. The Foothill Ranch-based company had a net loss of $13.4 million, or 45 cents a share, contrasted with net income of $3.
BUSINESS
August 21, 2003 | Abigail Goldman, Times Staff Writer
Six weeks into his job as the chief executive of Wet Seal Inc., Peter Whitford is still working out the best way to win an elusive prize: teen girls' seal of approval. But after announcing changes to the management team Wednesday, Whitford said the company was on track in its quest for hipness and on the road to reviving sagging sales and profit at its 621 Wet Seal, Arden B. and Zutopia stores.
BUSINESS
July 11, 2003 | Leslie Earnest, Times Staff Writer
Wet Seal Inc., which sells clothes to girls and young women, said Thursday that its fiscal second-quarter loss may be much greater than expected as June's same-store sales plunged. But Wall Street hardly noticed. Expectations were already so low for the Foothill Ranch-based retailer's second quarter that many investors were focusing instead on the third. Wet Seal shares rose 31 cents to $11.
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