logo
  Join        Login             Stock Quote

Wet Seal (WTSLA) Cuts Jobs, COO Resigns

 February 01, 2013 04:28 PM
 


(By Balachander) Wet Seal Inc. (NASDAQ: WTSLA), an apparel retailer to women, said it plans to reduce jobs to align with its current business requirements and it has authorized a $25 million share repurchase program.

The Foothill Ranch, California-based company also said its Chief Operating Officer Ken Seipel has resigned, effective immediately, to pursue other opportunities.

Wet Seal said it will slash 35 positions, 32 of which were eliminated in its corporate offices and three were eliminated in the field.

The company expects these actions to result in annualized pre-tax savings of roughly $3.8 million beginning in fiscal 2013.

[Related -February Same-Store Sales Roundup]

Wet Seal said it expects to record one-time severance charges of about $1.3 million in its fourth quarter of fiscal 2012.

Assuming the company's forecasted effective income tax rate of 39 percent, Wet Seal estimates the above net cost savings will benefit earnings per share by 4 cents in fiscal 2013.

As of Dec. 29, 2012, Wet Seal operated a total of 555 stores in 47 states, the District of Columbia and Puerto Rico.

Shares ended Friday's regular trading at $2.78.

iOnTheMarket Premium
Advertisement

Advertisement


Post Comment -- Login is required to post message
Name:  
Alert for new comments:
Your email:
Your Website:
Title:
Comments:
 

rss feed

Latest Stories

article imageChart Says This Retailer's Comeback Isn't Finished

One of the surprises, at least on the surface, of the market's recent swoon was the outperformance of read on...

article imageETF Performance Review: Major Asset Classes | 19 Dec 2014

It’s all about real estate investment trusts (REITs) these days when it comes to bullish performance among read on...

article imageOil and Global Stock Markets Rebounding Sharply

So far so good on our expectation of a 4 to 5% pullback and then a resumption of the bull read on...

article imageGrading the FOMC

Love its members or loathe them, you have to admire the gradual impact the policy-making committee has had read on...

Advertisement
Popular Articles

Advertisement
Daily Sector Scan
Partner Center



Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.