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News Breaks
May 27, 2014
16:11 EDTWTSLWet Seal sees completing conversion of 54 Arden B locations by end Q2
The company expects to complete the planned conversion of 54 Arden B locations to Wet Seal and Wet Seal Plus merchandise by the end of the second quarter. The conversion of 31 Arden B locations to Wet Seal Plus provides the company with a timely and low risk opportunity to further test the concept and lay the groundwork for building Wet Seal’s presence in the junior plus market. The stores will operate as Wet Seal Plus through the term of their respective leases, or longer if performance and lease renewal options warrant. The company estimates it will close 17 Arden B locations through lease expirations and the exercise of early termination provisions through the remainder of fiscal 2014. As previously announced, in FY14 the company expects to open 10 new Wet Seal stores, primarily in outlet centers and off-mall, and now estimates it will close 23 Wet Seal locations upon lease expiration. During Q1, the company opened 4 Wet Seal stores and closed 1 Wet Seal location. The company said, “We are on track with our transition work to exit the Arden B concept, including the conversion of 54 locations to Wet Seal and Wet Seal Plus merchandise, which is expected to be completed by late July. We’re particularly excited about the 31 new Wet Seal Plus stores coming on line in high visibility locations, which will allow us to quickly establish a strong foothold in the rapidly growing junior plus market.”
News For WTSL From The Last 14 Days
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November 25, 2014
09:20 EDTWTSLOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Signet Jewelers (SIG), up 2.6%... Tiffany (TIF), up 4.8%... Nuance Communications (NUAN), up 5.1%... Brown Shoe (BWS), up 6.6%... Cracker Barrel (CBRL), up 3.1%... Qihoo 360 (QIHU), up 5.8%... DSW (DSW), up 7.3%. ALSO HIGHER: SinoCoking Coal (SCOK), up 27.9% after aboveground facility operating at 100% capacity. DOWN AFTER EARNINGS: Xcerra (XCRA), down 7.4%... Workday (WDAY), down 8.4%... Brocade (BRCD), down 3.8%... Post (POST), down 7.5%. ALSO LOWER: Wet Seal (WTSL), down 15.8% after announcing that it has not set a timetable for review of strategic and financial alternatives... Medgenics (MDGN), down 11.1% after 5.125M share Spot Secondary priced at $4.10... Pandora (P), down 3.7% after being downgraded to Underperform from Market Perform at FBR Capital... Cyberark Software (CYBR), down 3.7% after receiving multiple downgrades.
November 24, 2014
16:18 EDTWTSLWet Seal retains William Langsdorf as senior advisor to finance team
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November 20, 2014
16:33 EDTWTSLWet Seal names Thomas Hillebrandt Interim CFO
Wet Seal announced that Thomas R. Hillebrandt will assume the role of Interim CFO, effective December 1, concurrent with the previously announced resignation of Steven H. Benrubi, the company’s current CFO. Hillebrandt has served as vice president and corporate controller at Wet Seal since September 2013.
November 19, 2014
15:39 EDTWTSLWet Seal urged by Clinton Group to engage alternate lenders, explore other deals
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November 17, 2014
05:44 EDTWTSLWet Seal downgraded to Neutral from Buy at B. Riley
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