Wet Seal (WTSLA) Discloses Communications from Clinton Group; Issues Statement
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The Board of Directors of The Wet Seal, Inc. (Nasdaq: WTSLA), disclosed today certain communications it has received from Clinton Group, Inc. and issued the following statement regarding those communications.
During the last several weeks, The Wet Seal, Inc. has received letters and other communications from Clinton Group, Inc. in which Clinton Group requests that The Wet Seal’s Board of Directors takes various strategic actions purportedly for the benefit of all shareholders. We are disclosing these communications to our investors, and they are available in the investor section of the Wet Seal website (http://ir.wetsealinc.com/releases.cfm) along with this news release.
The Board of Directors is taking the necessary and prudent steps to stabilize the company’s performance, and we are considering all options that will enhance shareholder value. We will not be pressured into making critical decisions about the company’s business strategy in an impractical and imprudent timeframe.
Our commitment is to all of our shareholders, and we are in the process of developing a comprehensive strategic plan to address the current issues, strengthen the company’s performance, and enhance shareholder value. We intend to communicate the details of that plan to our shareholders during our quarterly earnings call on August 21st.
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During the last several weeks, The Wet Seal, Inc. has received letters and other communications from Clinton Group, Inc. in which Clinton Group requests that The Wet Seal’s Board of Directors takes various strategic actions purportedly for the benefit of all shareholders. We are disclosing these communications to our investors, and they are available in the investor section of the Wet Seal website (http://ir.wetsealinc.com/releases.cfm) along with this news release.
The Board of Directors is taking the necessary and prudent steps to stabilize the company’s performance, and we are considering all options that will enhance shareholder value. We will not be pressured into making critical decisions about the company’s business strategy in an impractical and imprudent timeframe.
Our commitment is to all of our shareholders, and we are in the process of developing a comprehensive strategic plan to address the current issues, strengthen the company’s performance, and enhance shareholder value. We intend to communicate the details of that plan to our shareholders during our quarterly earnings call on August 21st.
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