UPDATE: Wet Seal Offers Update on Exploration of Strategic Alternatives

The Wet Seal, Inc.

, a leading specialty retailer to young women, today announced that it has assembled a team to identify and analyze potential strategic and financial alternatives. The company has hired Houlihan Lokey as an investment banker and has also retained William Langsdorf as a senior advisor to the finance team. Houlihan Lokey Capital and Mr. Langsdorf will work with FTI Consulting, Inc, which was previously retained as the company's strategic advisor, to assist in the process. The Company has not set a timetable for completion of this process, which began months ago, and does not intend to disclose further developments with respect to this process unless and until its Board of Directors approves, in the future, the taking of specific action or otherwise concludes the review of alternatives. There can be no assurance that the exploration of the potential alternatives will result in a transaction or, if a transaction is undertaken, as to its terms or timing. Ed Thomas, Chief Executive Officer, stated, "I'm proud of the progress we have made to date in light of the ongoing difficult macro environment and state of affairs at the Company when I joined in September. Given our struggles and challenges, it is prudent for us to continue the review of alternatives. We welcome the addition of these advisors to our team." Mr. Langsdorf most recently served as Chief Financial Officer and Senior Vice President of Tilly's, Inc. until his retirement in 2013. Previously, he served as Senior Vice President and Chief Financial Officer of Anchor Blue Retail Group, Inc., as Executive Vice President and Chief Financial Officer of House2home Inc., and as Chief Financial Officer and Senior Vice President of The Wet Seal, Inc. Mr. Langsdorf holds a Masters of Business Administration from the Kellogg Graduate School of Management at Northwestern University.