Wet Seal's Turnaround Is Still Elusive But The Stock Is Now Cheap
Josh Arnold • 16 Comments
Josh Arnold • 16 Comments
Jan. 9, 2015, 4:10 AM
- Just days after it announced the closure of 338 stores and 3,700 job cuts, Wet Seal (NASDAQ:WTSL) has been reported to have hired restructuring lawyers to help it with a potential bankruptcy filing.
- Several other teen apparel retailers have also been losing market share, including Deb Stores and Delia’s, which both recently filed for bankruptcy.
- WTSL -46.6% AH
- Previously: Mass store closings at Wet Seal (Jan. 07 2015)
Jan. 7, 2015, 9:54 AM
- Wet Seal (WTSL +9.1%) trades higher after the company announces it will close 338 retail stores.
- The store reduction will lead to the loss of 3,695 job and represent ~48% of Wet Seal's sales.
- Wet Seal will be left with 173 retail stores following the move to downsize.
Dec. 11, 2014, 8:17 AM| Dec. 11, 2014, 8:17 AM
Dec. 10, 2014, 5:22 PM
- Wet Seal (NASDAQ:WTSL) -35.5% AH after warning it may file for bankruptcy protection if it is unsuccessful "in the very near term" in addressing its immediate liquidity needs.
- WTSL had engaged advisers to help it explore financing alternatives, but this was its most explicit warning that bankruptcy is an immediate threat, and it follows Chapter 11 filings in recent days from fellow teen apparel retailers Deb Stores and Delia’s.
- The bankruptcy warning came as WTSL said its FQ3 results came in at the low end of its forecast.
Nov. 25, 2014, 8:32 AM
- Shares of Wet Seal (NASDAQ:WTSL) are in freefall after the company announced it was exploring strategic alternatives.
- WTSL -18.4% premarket.
Sep. 26, 2014, 3:43 PM
- Wet Seal (WTSL +5%) is on the move on news that Jon Kubo is returning to the teen retailer, this time filling the newly created position of chief digital officer, effective Oct. 6.
- Kubo will oversee e-commerce, digital marketing and the IT organization to integrate digital consumer experiences throughout the business.
- He previously worked for WTSL during 2005-2011 as chief information officer and the head of its e-commerce operations.
Sep. 15, 2014, 12:20 PM
- Mall retailer stocks start off the week in sluggish fashion, trailing broad market averages.
- Channel checks on back-to-school traffic at malls have come in below expectations, although some analysts think e-commerce gains will offset.
- Sales for retail clothing stores rose 0.3% M/M and 3.2% Y/Y in August.
- Decliners: Lululemon (NASDAQ:LULU) -3.1%, Express (NYSE:EXPR) -2.2%, Pacific Sunwear (NASDAQ:PSUN) -2.2%, American Eagle Outfitters (NYSE:AEO) -1.6%, Wet Seal (NASDAQ:WTSL) -2.1%, Buckle (NYSE:BKE) -1.0%, Urban Outfitters (NASDAQ:URBN) -1.1%, Zumiez (NASDAQ:ZUMZ) -1.9%.
Sep. 3, 2014, 12:46 PM
May 28, 2014, 12:47 PM
May 28, 2014, 9:13 AM
May 12, 2014, 2:27 PM
- Some out-of-favor teen retailers are staging a comeback of sorts today - led by Aeropostale (ARO +7.1%), Wet Seal (WTSL +3.9%), and Abercrombie & Fitch (ANF +3.3%). Tilly's (TLYS +3.6%) and Buckle (BKE +2.3%) are also in on the action.
- There are some channel checks out indicating a pick-up in traffic at malls, although today's move looks to be led by momentum.
- The rush back into mall some retailers is helping to give a lift to the S&P Retail ETF (XRT).
Apr. 25, 2014, 8:37 AM
- Wet Seal (WTSL) +9.2% premarket after saying it will wind down its Arden B brand, as it turns its attention to shoring up its namesake brand.
- Arden B, which operates 54 mall-based stores and an e-commerce website, generated sales of $60M in the last fiscal year, ~11% of WTSL's total sales.
- WTSL expects to record annual pretax cost savings of ~$1.3M beginning in the July quarter.
- Reaffirms guidance for the April quarter of a loss of $0.16-$0.19/share and a same-store sales decline in the mid- to high teens.
Apr. 2, 2014, 9:17 AM
Mar. 25, 2014, 12:48 PM
Mar. 24, 2014, 12:45 PM
Mar. 21, 2014, 12:46 PM
Wet Seal Inc is a national multi-channel specialty retailer selling fashion apparel and accessory items designed for female customers through its stores and e-commerce websites.
Industry: Apparel Stores
Country: United States
Other News & PR