The Clinton Group Inc. said it will solicit fellow stockholders for written consent to have four members of The Wet Seal Inc. board removed and replaced with new directors. The activist investor group, which owns more than 5 percent of the outstanding stock of the retailer, wants to fill the board seats, plus the one existing vacancy, with independent directors.
Joseph DePerio, senior portfolio manager for Clinton Group, said, “After years of strategy shifts, personnel changes and financial and operational mismanagement, it is time for shareholders to put in place a board that will work feverishly to fix the damage, repair the brand and earnestly consider the company’s strategic alternatives. More of the same is simply not an option.”
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"