The Wet Seal Inc. a leading specialty retailer to young women announced that its Board of Directors has terminated the employment of the Company’s Chief Executive Officer, Susan McGalla, effective immediately. The Board is commencing a search for a new Chief Executive Officer.
In the interim, while the search process is conducted, the Company has formed an Office of the Chairman, led by Hal Kahn, the Company’s non-executive chairman of the Board.
Also during this interim period, Ken Seipel, the Company’s President and Chief Operating Officer, and Steve Benrubi, the Company’s Chief Financial Officer, will be co-principal executive officers and members of the Office of the Chairman until a new CEO has been selected by the Board.
The Board expressed its confidence that under the leadership of Mr. Kahn and the members of senior management, the Company will have in place a capable leadership team during the search process.
Through the third week of the fiscal month ending July 28, 2012, or fiscal July, the Company’s comparable store sales for fiscal July have declined between 13% and 14%.
For the second fiscal quarter, the Company expects comparable store sales to decline between 10% and 11%, which is at the low end of its initial guidance range.
The Company currently estimates second quarter loss before non-cash asset impairment and CEO severance costs will be between $0.06 and $0.07 per diluted share, as compared to its initial guidance of a loss between $0.03 and $0.06 per diluted share.
The Company is evaluating certain Wet Seal and Arden B stores for potential non-cash asset impairments and will also be incurring CEO severance costs during the quarter.
Asset impairment and CEO severance costs were not included in prior guidance and will increase the loss per diluted share for the quarter.
Headquartered in Foothill Ranch, California, The Wet Seal, Inc. is a leading specialty retailer of fashionable and contemporary apparel and accessory items for young women.
Wet Seal Inc
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