The Wet Seal President and COO Ken Seipel Resigns, Company Announces $25M Share Buyback
The Wet Seal, Inc. (NASDAQ: WTSLA) today announced a corporate workforce reduction and certain
other cost-saving and investment initiatives. The Company also announced
the resignation of President and Chief Operating Officer Ken Seipel and
implementation of a $25 million share repurchase program.
Workforce Reduction and Other Cost-Saving and Investment Initiatives
As part of a strategic business review, the Company has implemented a
workforce reduction of 35 positions, of which a portion are currently
vacant positions, to align with its current business requirements.
Thirty-two positions were eliminated in the Company's corporate offices
and three were eliminated in the field. Including the additional impact