John D. Goodman

Wet Seal CEO John D. Goodman has resigned less than two years after he joined the struggling teen retailer to turn around its business. The company revealed in a regulatory filing Tuesday that Goodman resigned effective Aug. 26 from his post as CEO and a member of the board. Goodman will be succeeded by Edmond Thomas, 61, effective Sept. 8. Thomas previously served as president and CEO of Wet Seal from October 2007 to January 2011. Most recently, Thomas was a partner at KarpReilly, a private investment firm focused on small to midsize growth companies. 

The Wet Seal, a specialty retailer to young women, announced that it will begin winding down its Arden B brand. Arden B currently operates 54 mall-based stores and an e-commerce web site. John D. Goodman, Chief Executive Officer, stated, "This was a difficult decision that followed a comprehensive review of the business and market dynamics. We would like to thank all of our Arden B team members for their hard work and dedication to the brand, and also extend our gratitude to our loyal customers."

Wet Seal Inc announced that it has entered into an employment contract with John D. Goodman to serve as its new Chief Executive Officer through January 30, 2016. Mr. Goodman will assume his position as Chief Executive Officer on January 7, 2013. He...