The Wet Seal, Inc. Announces Decision to Lower Director Compensation and Reduce the Size of the Board of Directors
FOOTHILL RANCH, Calif.--(BUSINESS WIRE)--
The Wet Seal, Inc., a leading specialty retailer to young women, today
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
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. The Company's products can also be purchased
online at www.wetseal.com
For more Company information, visit www.wetsealinc.com.
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT
OF 1995: This news release contains forward-looking statements as that
term is defined in the Private Securities Litigation Reform Act of 1995.
These forward-looking statements include, but are not limited to, the
intent, belief, plans or expectations of the Company or its management.
All forward-looking statements made by the Company involve material
risks and uncertainties and are subject to change based on factors
beyond the Company's control. Accordingly, the Company's future
performance and financial results may differ materially from those
expressed or implied in any such forward-looking statements. Such
factors include, but are not limited to, those described in the
Company's filings with the Securities and Exchange Commission. The
Company will not undertake to publicly update or revise its
forward-looking statements even if experience or future changes make it
clear that any projected results expressed or implied therein will not
The Wet Seal, Inc.
Alyson Barker, (949) 699-3900
Source: The Wet Seal, Inc.
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