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Michael Gold to see The Wet Seal's new merchandise strategy
13 Jul '05
3 min read
In addition, the tranche 2 Shares to be otherwise earned in calendar year 2007 can vest earlier if sales per square foot of our Wet Seal division average $350 per square foot for any trailing 12 month period and an agreed merchandise margin is maintained.
The Company has not completed its determination of the full amount and timing of the charges it expects to take related to this agreement.
However, the Company believes it will take significant charges for its second quarter ending July 30, 2005 and most likely for all future quarters through January 31, 2007. Except for total cash payments of $4.0 million, all other charges will be non-cash.
The Company has agreed to file a registration statement on form S-8 covering the Shares to be issued to Mr. Gold and, if that form of registration is not available, to file one or more registration statements to enable the resale of the Shares when they are vested.
The Wet Seal Inc is a leading specialty retailer of fashionable and contemporary apparel and accessory items. The company currently operates a total of 398 stores in 47 states, the District of Columbia and Puerto Rico, including 307 Wetseal stores and 91 ArdenB stores.
The Company has not completed its determination of the full amount and timing of the charges it expects to take related to this agreement.
However, the Company believes it will take significant charges for its second quarter ending July 30, 2005 and most likely for all future quarters through January 31, 2007. Except for total cash payments of $4.0 million, all other charges will be non-cash.
The Company has agreed to file a registration statement on form S-8 covering the Shares to be issued to Mr. Gold and, if that form of registration is not available, to file one or more registration statements to enable the resale of the Shares when they are vested.
The Wet Seal Inc is a leading specialty retailer of fashionable and contemporary apparel and accessory items. The company currently operates a total of 398 stores in 47 states, the District of Columbia and Puerto Rico, including 307 Wetseal stores and 91 ArdenB stores.
The Wet Seal Inc
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