Retailer Wet Seal names Clinton Group nominee as chairman

Wed Oct 10, 2012 8:26am EDT

Oct 10 (Reuters) - Clothing retailer Wet Seal Inc named a Clinton Group nominee as chairman of its board, after replacing four of its board members with the activist investor's nominees last week.

Lynn Davey, previously chairman and chief executive of Avalon Group Ltd, will replace Harold Kahn, who was among the board members who resigned following the Clinton Group's efforts to bring changes to the board.

Wet Seal has been under pressure from the Clinton Group to turn around its business following a continuous decline in monthly same-store sales.

Shares of the Foothill Ranch, California-based company closed at $3.035 on the Nasdaq on Tuesday.

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.