FOOTHILL RANCH, Calif. -- (Business Wire)
The Wet Seal, Inc. (Nasdaq: WTSL), a leading specialty retailer to young
women, today announced that it has assembled a team to identify and
analyze potential strategic and financial alternatives. The company has
hired Houlihan Lokey as an investment banker and has also retained
William Langsdorf as a senior advisor to the finance team. Houlihan
Lokey Capital and Mr. Langsdorf will work with FTI Consulting, Inc,
which was previously retained as the company's strategic advisor, to
assist in the process.
The Company has not set a timetable for completion of this process,
which began months ago, and does not intend to disclose further
developments with respect to this process unless and until its Board of
Directors approves, in the future, the taking of specific action or
otherwise concludes the review of alternatives. There can be no
assurance that the exploration of the potential alternatives will result
in a transaction or, if a transaction is undertaken, as to its terms or
timing.
Ed Thomas, Chief Executive Officer, stated, "I'm proud of the progress
we have made to date in light of the ongoing difficult macro environment
and state of affairs at the Company when I joined in September. Given
our struggles and challenges, it is prudent for us to continue the
review of alternatives. We welcome the addition of these advisors to our
team."
Mr. Langsdorf most recently served as Chief Financial Officer and Senior
Vice President of Tilly's, Inc. until his retirement in 2013.
Previously, he served as Senior Vice President and Chief Financial
Officer of Anchor Blue Retail Group, Inc., as Executive Vice President
and Chief Financial Officer of House2home Inc., and as Chief Financial
Officer and Senior Vice President of The Wet Seal, Inc. Mr. Langsdorf
holds a Masters of Business Administration from the Kellogg Graduate
School of Management at Northwestern University.
About The Wet Seal, Inc.
The Wet Seal, Inc., a pioneer in fast fashion retailing, sells apparel,
footwear and accessories designed for teen girls and young women of all
sizes through retail stores nationwide, as well as an e-commerce
website. As of November 1, 2014, the Company operated a total of 528
stores in 47 states and Puerto Rico and www.wetseal.com.
For more company information, visit www.wetsealinc.com.
Safe Harbor
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 statements that relate to the
intent, beliefs, 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
be realized.
Contacts:
The Wet Seal, Inc.
Steven H. Benrubi, (949) 699-3947
Source: The Wet Seal, Inc.
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