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Apr 24, 2015
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Wet Seal confirms company CEO and CFO 

Apr 24, 2015

The fast fashion retailer for young women released a statement on Wednesday confirming that its CEO, CFO and senior management team will remain unchanged despite recent erroneous press statements that have appeared following the company’s initial statement released on April 15th. Current CEO and CFO, Ed Thomas and Tom Hillebrandt, will reprise their respective roles.

False statements had made its rounds via Google alerts based on SEC filings made by SEAL 123, Inc., formerly known as The Wet Seal, Inc., in connection with the closing of the acquisition last week by Versa Capital Management.
"It’s unfortunate that a relatively simple procedural matter could be misconstrued in this way," Thomas stated. "And thanks to the Internet, things can be blown out of proportion quickly. Our team is very excited to continue implementation of Wet Seal’s turnaround strategy."

Greg Segall, Chairman of Wet Seal and CEO of its controlling shareholder Versa Capital Management, LLC, continued: "Ironically, I had just left Wet Seal’s headquarters after a productive morning of meetings with Ed and his management team when the erroneous reports began appearing. One of the reasons we are optimistic about this investment is Ed, Tom and the rest of the management team. Absolutely nothing has changed in that regard, and we are excited to already see the early ‘green shoots’ of progress on the road to Wet Seal’s renewed success."
The Wet Seal, Inc., which remains in Chapter 11 in Delaware, is now called Seal 123, Inc. Thomas and Hillebrandt were among those whose former positions changed given their hiring by the ‘new company’ to continue running the Wet Seal business.

Known named The Wet Seal, LLC, the company currently operates 173 stores in 42 states and Puerto Rico and an e-commerce business.

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