Home / Knowledge / News / Apparel/Garments / Retailer Wet Seal to raise $25-30mn via rights issue
Retailer Wet Seal to raise $25-30mn via rights issue
04
Sep '14
NASDAQ-listed womenswear specialty retailer - The Wet Seal, Inc. said it intends to raise equity capital between $25-30 million via rights offering, through the sale of shares of its Class A common stock to its stockholders.

Wet Seal anticipates that it will distribute, at no charge, non-transferable subscription rights to its holders of common stock as of a record date which will be established in the future.

The subscription rights will entitle the holders thereof to purchase common shares at a subscription ratio and at a cash subscription price which has yet to be determined.

The retailer said the distribution of the rights and the commencement of the rights offering may occur only after a registration statement to be filed by it with the Securities and Exchange Commission (SEC) becomes effective.

However, the retailer expects that it will commence the rights offering in the third or fourth quarter of the current fiscal year.

Meanwhile, Edmond Thomas who earlier served as CEO at Wet Seal between 2007 and 2011 is rejoining Wet Seal as CEO and a member of the Board of Directors and replaces John Goodman, the current CEO.

Wet Seal also announced that Adam Rothstein has been appointed Chairman of the Board of Directors, effective October 1, 2014. Additionally, Gregory Taxin, President of Clinton Group, Inc., will also join the Board of Directors.

The Wet Seal, Inc., a pioneer in fast fashion retailing, sells apparel, footwear and accessories designed for teen girls and young women through 531 stores in 47 US states and Puerto Rico. (AR)

Fibre2fashion News Desk - India

Must ReadView All

Courtesy: American Apparel

Apparel/Garments | On 25th Feb 2017

Gildan to make some American Apparel products outside US

Gildan Activewear, which recently acquired US fashion brand American...

Courtesy: Kolon Sport

Apparel/Garments | On 25th Feb 2017

Kolon Sport to set up JV with ANTA for Chinese market

Kolon Sport, an outdoor gear and clothing brand of Korea based Kolon...

Designer Karishma Jumani with Niraj Jawanjal, founder and director of IIFW. Courtesy: IIFW

Textiles | On 25th Feb 2017

IIFW to bring together premium lingerie brands

India Intimate fashion Week (IIFW), dedicated to showcasing the...

Interviews View All

Sunil Kumar Sharma
Loknayak JPNSSSG Ltd

'The blend of cotton–linen yarn has high demand in the domestic and...

Mandeep Nagi
Shades of India

Women value something that is unique and has a flavour of India

C Kamatchisundaram
Voltas

ITME is an occasion not only to receive new leads but also to work on...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

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
February 2017

February 2017

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

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search