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News Breaks | | | | August 22, 2012 | | 16:19 EDT |  | WTSLA | Clinton Group to solicit consent from fellow Wet Seal holders to replace board
Clinton Group announced that it intends to solicit fellow stockholders of The Wet Seal for their written consent to remove four members of the Board of Directors of the Company and to replace them and fill the one existing vacant position with independent professionals who will seek to maximize the value of the Company through improved merchandizing and operations, an optimized capital structure and the pursuit of a strategic transaction. Clinton Group, together with its affiliates, owns more than 5% of the outstanding stock of the Company, it confirmed. Clinton Group said it has identified five experienced professionals to replace the incumbent directors it seeks to remove and to fill the one existing vacancy. | |
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