NEW YORK (TheStreet) -- Wet Seal (WTSL) announced the resignation of CEO John Goodman after Tuesday's closing bell. Shares closed yesterday up 3.9% to $1.05 but have not resumed trading since then.
Goodman stepped down from his position with the retailer on August 27, after less than two years on the job, according to a SEC regulatory filing by the company.
The retailer replaced Goodman with its former president and CEO, Edmond S. Thomas, who will be paid a base salary of $975,00 with a $75,000 signing bonus, according to the Orange County Business Journal.
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Thomas previously held the CEO position from October 2007 to January 2011.
TheStreet Ratings team rates WET SEAL INC as a Sell with a ratings score of D-. TheStreet Ratings Team has this to say about their recommendation:
"We rate WET SEAL INC (WTSL) a SELL. This is driven by some concerns, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its unimpressive growth in net income, disappointing return on equity, poor profit margins, weak operating cash flow and generally disappointing historical performance in the stock itself."