"While a difficult to decision to make, it is necessary for theWet Seal, Inc. to reduce its cost structure and focus on thosestores that can deliver the best performance as we implement ournew merchandise strategy," says Joe Deckop, Wet Seal's interimchief executive officer.
The announcement comes after months of speculation that theretailer would close stores and/or file for Chapter 11 bankruptcyprotection. During its Q3, the company posted a loss of $24.6million and same-store sales dropped by 12.6% from the same perioda year ago.
Earlier this month the company chose Joel Waller as its new CEO.Waller is the chairman of Wilsons Leather, a company that closedabout 100 stores this year as part of its own cost-cutting plan.Waller is replacing Deckop, who will remain with the company.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
