The Wet Seal, Inc. Comments on Letter from Clinton Group, Inc.
FOOTHILL RANCH, Calif.--(BUSINESS WIRE)-- The Wet Seal, Inc. (WTSLA), a leading specialty retailer to young women, today issued the following statement from its Board of Directors in response to a letter received on July 23, 2012 from Clinton Group, Inc.:
The Wet Seal Board of Directors appreciates input from all of its stockholders and is committed to maximizing stockholder value. The Company has engaged in a series of discussions with the Clinton Group following their initial letter on June 15, 2012, and continues to review their recommendation regarding use of the Companys capital. Wet Seal is committed to maintaining an active dialogue with its shareholders and, as always, will continue to consider ways to maximize value for all stockholders.
About The Wet Seal, Inc.
Headquartered in Foothill Ranch, California, The Wet Seal, Inc. is a leading specialty retailer of fashionable and contemporary apparel and accessory items for young women. As of June 30, 2012, the Company operated a total of 553 stores in 47 states and Puerto Rico, including 470 Wet Seal stores and 83 Arden B stores. The Company's products can also be purchased online at www.wetseal.com or www.ardenb.com. For more Company information, visit www.wetsealinc.com.
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, but are not limited to, any statements that relate to the intent, belief, 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 does 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.
The Wet Seal, Inc.
Steven H. Benrubi, 949-699-3947
Source: The Wet Seal, Inc.Copyright Business Wire 2012