Home / Knowledge / News / Apparel/Garments / Four Directors resign from Wet Seal Board
Four Directors resign from Wet Seal Board
06
Oct '12
The Wet Seal Inc., a leading specialty retailer to young women, announced that it has reached an agreement on a complete settlement of all issues related to Clinton Group’s consent solicitation.

As part of the settlement agreement, Clinton Group, which beneficially owns approximately 6.9% of Wet Seal common stock, has terminated its consent solicitation. In addition, Jonathan Duskin, Sidney Horn, Hal Kahn and Henry Winterstern have resigned from the Board of Directors.

Under the terms of the settlement agreement, Wet Seal has added as new Directors four of Clinton Group’s nominees: Dorrit Bern, Lynda Davey, Mindy Meads and John Mills. These new Directors join Wet Seal’s Board of Directors, which includes three continuing Directors: Kathy Bronstein, John Goodman and Ken Reiss.

As part of an orderly transition, former Chairman of the Board Hal Kahn has agreed to continue to serve the company as a consultant pursuant to his existing contract. The other three former Directors will similarly assist with an orderly transition of the Board’s responsibilities.

“We are pleased that Wet Seal and Clinton Group have been able to resolve the consent solicitation. We believe that the agreement with Clinton Group is in the best interest of all Wet Seal shareholders,” said Ken Seipel, President and Chief Operating Officer of Wet Seal. “This settlement will provide for a smooth and orderly transition of the Board’s responsibilities, as well as a level of continuity for our employees.”

The Company is filing the full text of the settlement agreement with the Securities and Exchange Commission.

Headquartered in Foothill Ranch, California, The Wet Seal, Inc. is a leading specialty retailer of fashionable and contemporary apparel and accessory items.

Wet Seal Inc

Must ReadView All

Textiles | On 28th Apr 2017

Fix 5% GST rate for textile goods: Textile bodies

Uniform levy of 5 per cent Goods and Services Tax (GST) on all...

Textiles | On 28th Apr 2017

India lifts CVD imposed on Nepali Jute goods

The countervailing duty (CVD) that was imposed on Nepali jute...

Courtesy: Williamsburg Garment Company

Fashion | On 28th Apr 2017

'We have grown by staying small & maximising efforts'

The easiest way to go out of business is to be too big or expand too...

Interviews View All

Victor Chao
Esmetex

‘In future, clothing boundary lines will become increasingly blurred.’

Milind Khandwe
Hindoostan Innovation Centre

‘Modern technical textile is an indispensable tool for science and...

Marazban F Velati
Sutlej Textiles & Industries limited

No training can be effective till the candidate believes in it.

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
April 2017

April 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search



X