Wet Seal Announces Resignation of 4 Directors, Replaced by 4 Clinton Group Nominees

FOOTHILL RANCH, Calif.--(BUSINESS WIRE)-- The Wet Seal, Inc.

today announced that it has reached an agreement on a complete settlement of all issues related to Clinton Group's consent solicitation. As part of the settlement agreement, Clinton Group, which beneficially owns approximately 6.9% of Wet Seal common stock, has terminated its consent solicitation. In addition, Jonathan Duskin, Sidney Horn, Hal Kahn and Henry Winterstern have resigned from the Board of Directors. Under the terms of the settlement agreement, Wet Seal has added as new Directors four of Clinton Group's nominees: Dorrit Bern, Lynda Davey, Mindy Meads and John Mills. These new Directors join Wet Seal's Board of