Wet Seal chairman, 3 board members step down

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Associated Press

Posted on October 5, 2012 at 6:01 AM

Updated Friday, Oct 5 at 6:02 AM

FOOTHILL RANCH, Calif. (AP) — The chairman of Wet Seal and three other directors have stepped down from its board, replaced by four nominees of the activist investor group unhappy with the struggling teen retailer's performance.

Wet Seal Inc., based in Foothill Ranch, Calif., and The Clinton Group have been in a proxy fight. The Clinton Group holds about a 7 percent stake in Wet Seal.

As a result of the board changes, Clinton Group terminated its effort to get support from shareholders for its nominees.

Wet Seal had 554 stores in 47 states and Puerto Rico as of Sept. 29.

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