The Wet Seal, Inc. Continues to Urge Shareholders to Reject Clinton Group’s Efforts to Replace Experienced Board Members wi...
October 03 2012 - 7:42PM
Business Wire
The Wet Seal, Inc. (Nasdaq: WTSLA), a leading specialty retailer
to young women, reiterated today that it continues to urge its
shareholders to reject efforts by Clinton Group to replace the
company’s current experienced Directors with Clinton Group’s
hand-picked nominees who lack relevant experience.
“We believe that maintaining a degree of stability and
continuity on our Board is critical as we approach the holiday
season,” said Hal Kahn, Chairman of the Board of Wet Seal. “It is
not in the best interests of the company and our shareholders to
have an almost complete turnover of the Board on the eve of the
fourth quarter. It would be extremely disruptive to our employees,
customers and suppliers at a time when we are in the midst of
implementing a return to our fast fashion strategy and beginning to
gain traction in improving our performance.”
Mr. Kahn added, “Therefore, we strongly urge our shareholders to
revoke or withhold their consent to allow Clinton Group to replace
six of the seven current members of our Board, including our two
recently added members, with five of their own candidates who have
no experience with Wet Seal or fast fashion.”
Shareholders can reject Clinton Group’s efforts to replace
experienced members of the Board with their hand-picked nominees by
refusing to sign the white proxy or, alternatively, voting the BLUE
proxy and ensuring that it is received by The Wet Seal as soon as
possible.
If shareholders have any questions or need assistance in voting
their shares, they should contact The Wet Seal’s proxy solicitor,
MacKenzie Partners, Inc., at 212-929-5500.
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. As of August 25, 2012, the Company
operated a total of 551 stores in 47 states and Puerto Rico,
including 469 Wet Seal stores and 82 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
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, statements that relate to the
intent, belief, plans or expectations of The Wet Seal, Inc. (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 “SEC”). The Company will
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.
Other Disclosures
The Company and certain of its directors and executive officers
may be deemed to be participants in a solicitation of consent
revocations from stockholders in connection with the consent
solicitation by Clinton Group, Inc. The Company has filed a
definitive consent revocation statement with the Securities and
Exchange Commission (the “SEC”) in connection with such consent
solicitation (the “Consent Revocation Statement”). Information
regarding the names of the Company’s Directors and executive
officers and their respective interests in the Company by security
holdings or otherwise is set forth in the Consent Revocation
Statement filed with the SEC. This document is available free of
charge at the SEC’s website at www.sec.gov.
The Company has mailed the definitive Consent Revocation
Statement and a form of consent revocation to each stockholder
entitled to deliver a written consent in connection with the
consent solicitation. WE URGE INVESTORS TO READ THE CONSENT
REVOCATION STATEMENT (INCLUDING ANY SUPPLEMENTS THERETO) AND ANY
OTHER RELEVANT DOCUMENTS THAT THE COMPANY FILES WITH THE SEC WHEN
THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT
INFORMATION. Stockholders will be able to obtain, free of charge,
copies of the definitive Consent Revocation Statement and any other
documents filed by the Company with the SEC in connection with the
consent solicitation at the SEC’s website at www.sec.gov.
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