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.
Women's apparel retailer Wet Seal Inc fired CEO Susan McGalla and said same-store sales for the second-quarter are expected to be at the lower end of its earlier guidance. The company said the termination ...
Foothill Ranch, Calif. -- The Wet Seal reported Thursday that net income for the fourth quarter dropped to $1.1 million from $5.3 million a year earlier. Sales in the quarter followed the same downward trend, as net sales fell to $163.2 million from $165.5 million, and same-store sales declined 5.5%. CEO Susan McGalla told investors that the teen retailer is focused on making progress on strategic initiatives: “including establishing more cohesive merchandise assortments and consistent brand messaging, and a heightened focus on customer obsession, which we believe will better position the company for long-term sales and profitability growth," said