The Wet Seal, Inc., a leading specialty retailer to young women, announced that the Board has decided to reduce the cash compensation for its Directors by 20% for the remainder of fiscal 2014 and to reduce the number of Director nominees to be elected at its upcoming Annual Meeting from nine to seven.
Lynda Davey, The Wet Seal's Non-Executive Chairman of the Board of Directors, stated, "By reducing Director compensation and the number of Directors nominated for election at our 2014 Annual Meeting, the Board is doing its part to ensure it can respond quickly to issues as they arise and support the cost reduction efforts already taken by management."
About The Wet Seal, Inc.
Headquartered in Foothill Ranch, California, The Wet Seal, Inc. is a leading specialty retailer of fashionable and contemporary apparel and accessory items. As of February 1, 2014, the Company operated a total of 532 stores in 47 states and Puerto Rico, including 475 Wet Seal stores and 57 Arden B stores.