Wet Seal replaces four board members with Clinton nominees

Fri Oct 5, 2012 7:22am EDT

Oct 5 (Reuters) - Struggling clothing retailer Wet Seal Inc said it has replaced four of its board members with Clinton Group nominees after several attempts by the shareholder to take control of the company.

Clinton, which holds about 7 percent of the company, has argued that Wet Seal's management has made several mistakes in running the company, resulting in poor performance over the last five years.

Shares of the Foothill Ranch, California based company closed at $3.14 on the Nasdaq on Thursday.