The naming of Waller "is probably a smart move, but the milliondollar question is, is it enough?" says Doug Fleener, managingpartner of Lexington, MA-based Dynamic Experiences Group, a retailconsulting firm. "Wet Seal clearly wanted to bring in anexperienced retailer, which is different from many situations inwhich they will look for someone who is very fashion oriented."

One of the questions surrounding Wet Seal is whether the companyis headed for bankruptcy. In its latest quarterly report, for thethird quarter ending Oct. 30, the company's loss nearly quadrupledfrom the previous year, with the financially struggling retailerreporting it lost $24.6 million for the period. The company skippedits customary conference call to discuss financial results.

Fleener, a 25-year retail industry veteran whose career includesposts with the Bose Corp. and the Sharper Image, says that it'shard to say whether the appointment of Fleener means that thecompany thinks it will wind up in Chapter 11. "I don't know if wecan read into it that they're going to go that direction or not" hesays, "but it is clear that they wanted someone who has been downthe route that they're traveling now in terms of havingdifficulties." Choosing Waller "makes a lot of sense," Fleenercomments, adding, "I guess the fashion folks might ask if he hasthe fashion background necessary to do it, but we're seeing PaulPressler do a pretty good at Gap." Waller has spent more than 27years in the retail industry and before joining Wilsons he wasdivisional merchandise manager for Bermans The Leather Experts, oneof a number of senior management positions he held.