Wet Seal Fires CEO as its Sales Sink

As sales declines deepen, teen retailer Wet Seal is firing CEO Susan McGalla without a replacement for her. McGalla had been Wet Seal's CEO since January 2011, and had signed an employment contract with the company through August 2014. Her departure is effective immediately, and the company said Monday that it's starting a search for a new CEO. In the meantime, the company's chairman, president and chief financial officer are overseeing Wet Seal.