Wet Seal Planning 3-for-2 Stock Split

Reuters

Apparel retailer Wet Seal Inc. said Monday it is planning a 3-for-2 stock split if favorable market conditions continue.

The Foothill Ranch company said it has filed a preliminary proxy with the Securities and Exchange Commission for a special shareholders meeting to increase the company's authorized shares of common stock.

If shareholders approve the measure, the company said it would implement the stock split as soon as possible. The company said it has no other plans to use the additional shares to be authorized.

The stock, which has nearly tripled in the past year, closed Monday at $35.01, off 94 cents a share on Nasdaq.

The special meeting will likely be held in early July.

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