The Wet Seal, Inc. (Nasdaq: WTSLA), a leading specialty retailer to young women, announced today that it has issued a letter to shareholders, raising questions about Clinton Group’s recent day trading of Wet Seal shares and reiterating concerns about the firm’s short-term, self-interested motives. In the letter Wet Seal also emphasizes the strengths of the current Board and urges shareholders to reject Clinton Group’s efforts to replace experienced Directors with a hand-picked slate of far less qualified nominees at a critical time. A copy of the letter is attached.
About The Wet Seal, Inc.
Headquartered in Foothill Ranch, California, The Wet Seal, Inc. is a leading specialty retailer of fashionable and contemporary apparel and accessory items. As of August 25, 2012, the Company operated a total of 551 stores in 47 states and Puerto Rico, including 469 Wet Seal stores and 82 Arden B stores. The Company's products can also be purchased online at www.wetseal.com or www.ardenb.com.
For more company information, visit www.wetsealinc.com.Letter to Shareholders October 1, 2012 Dear Shareholder, Every day new evidence emerges demonstrating that Clinton Group only has short-sighted and short-term goals that do not promote the creation of long-term shareholder value. The fact that Clinton Group has been engaged in day trading is the latest evidence, and it should be a huge warning sign to our shareholders. It makes it even more unsurprising that Clinton Group has made a series of short-sighted demands to our Board and then hastily assembled a slate of nominees with one dimensional retail experience. The collective experience of their proposed Board pales in comparison to the compelling diversity of relevant and valuable experience your current Board brings to the table. Clinton Group’s proposed directors cannot reasonably be expected to have the knowledge and expertise that is necessary to execute our strategy at this critical time.