The Wet Seal President and COO Ken Seipel Resigns, Company Announces $25M Share Buyback

The Wet Seal, Inc.

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