The Wet Seal, Inc. Discloses Communications from Clinton Group, Inc.
FOOTHILL RANCH, Calif.--(BUSINESS WIRE)--
The Board of Directors of The Wet Seal, Inc. (Nasdaq: WTSLA), a leading
specialty retailer to young women, disclosed today certain
communications it has received from Clinton Group, Inc. and issued the
following statement regarding those communications.
During the last several weeks, The Wet Seal, Inc. has received
letters and other communications from Clinton Group, Inc. in which
Clinton Group requests that The Wet Seal's Board of Directors takes
various strategic actions purportedly for the benefit of all
shareholders. We are disclosing these communications to our
investors, and they are available in the investor section of the Wet
Seal website (http://ir.wetsealinc.com/releases.cfm)
along with this news release.
The Board of Directors is taking the necessary and prudent steps to
stabilize the company's performance, and we are considering all options
that will enhance shareholder value. We will not be pressured
into making critical decisions about the company's business strategy in
an impractical and imprudent timeframe.
Our commitment is to all of our shareholders, and we are in the
process of developing a comprehensive strategic plan to address the
current issues, strengthen the company's performance, and enhance
shareholder value. We intend to communicate the details of that
plan to our shareholders during our quarterly earnings call on August 21st.
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 for young women. As of July 28, 2012, the Company
operated a total of 550 stores in 47 states and Puerto Rico, including
468 Wet Seal stores and 82 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, any
statements that relate 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 does 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
Additional Information and Where You Can Find It
The Company and certain of its directors and executive officers may be
deemed to be participants in a solicitation of consent revocations from
stockholders in connection with the potential consent solicitation by
Clinton Group, Inc. The Company may file a preliminary consent
revocation statement with the Securities and Exchange Commission (the
"SEC") in connection with such potential consent solicitation (the
"Consent Revocation Statement"). Information regarding the names of the
Company's directors and executive officers and their respective
interests in the Company by security holdings or otherwise is set forth
in the Company's Definitive Proxy Statement filed with the SEC on April
6, 2012. This document is available free of charge at the SEC's website
Additional information regarding the interests of potential participants
will be included in any Consent Revocation Statement and any other
relevant documents filed with the SEC in connection with the possible
If the Company files a definitive Consent Revocation Statement with the
SEC, the Company promptly will mail the definitive Consent Revocation
Statement and a form of consent revocation to each stockholder entitled
to deliver a written consent in connection with the possible consent
solicitation. WE URGE INVESTORS TO READ ANY CONSENT REVOCATION STATEMENT
(INCLUDING ANY SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS
THAT THE COMPANY MAY FILE WITH THE SEC WHEN THEY BECOME AVAILABLE
BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Stockholders will be
able to obtain, free of charge, copies of any Consent Revocation
Statement and any other documents filed by the Company with the SEC in
connection with the possible consent solicitation at the SEC's website
Steven Goldberg, 646-805-2027
Source: The Wet Seal, Inc.
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