Wet Seal CEO to step down Oct. 8
Teen retail chain Wet Seal Inc. announced that its chief executive and president, Edmond S. Thomas, is stepping down after three years.
Wet Seal is a specialty retailer of contemporary apparel and accessories for young women. As of July 3, the company operated 503 stores in 47 states, the District of Columbia and Puerto Rico under the Wet Seal and Arden B brands.
The Orange County retailer, based in Foothill Ranch, made the announcement Tuesday. The company said Thomas, 57, would step down from both positions Oct. 8, when his employment agreement is scheduled to expire.
If no successor has been found by then, the firm said, Thomas would be willing to serve in a transitional role until a replacement was found.
Thomas was named CEO and president of Wet Seal in 2007, leaving behind his posts as president and co-CEO of action sports retailer Tilly’s Inc. He was president and chief operating officer of Wet Seal from 1992 to 2000.
The company’s shares fell 17 cents, or 4.8%, to $3.37 on Wednesday. The stock traded as high as $5.15 in April.
“Ed led the Wet Seal during a difficult economic period,” said Harold D. Kahn, chairman of the board of directors. “He leaves us with a strong foundation and exceptional balance sheet.”
Like many retailers, the company has struggled during the economic downturn, posting among the worst same-store sales declines of major chain stores in recent months, according to Thomson Reuters. In June, sales at stores open at least a year fell 3.6%.
