The Wet Seal Inc. said late Monday that Walter Parks, executive vice president and chief administrative officer, has resigned. The company said Parks would not be replaced and that his duties would be divided among chief financial officer Bill Langsdorf and executive vice president of central planning and allocation Joseph Deckop. Parks joined the company in 2001 as cfo.
Wet Seal, which is based in Foothill Ranch, Calif., and operates 620 stores, including Wet Seal, Arden B. and Zutopia, has been struggling since the second half of 2002 to gain sales traction.
In the second quarter ended Aug. 2, the company logged a net loss of $13.4 million, or 45 cents a diluted share. The deficit matched the low end of the earnings guidance the firm provided on July 10 and was 5 cents below consensus estimates. The loss comes against net income of $3.7 million, or 12 cents a share, in the year-ago quarter. Sales declined 13.8 percent to $126 million from $146.2 million in the period and comps slid 19.8 percent.
Still, the contemporary retailer has seen a more favorable response to its fall merchandise. It reported its September comps fell 10 percent.
At the same time, Wet Seal has been in an executive transition. In February, Kathy Bronstein was ousted as vice chairman and chief executive officer and was replaced as ceo by Peter Whitford. Whitford joined the retailer after resigning as president, worldwide, of Disney Stores.
Alberta Ferretti's "Rainbow Week" sweaters are back. The designer closed her #MFW show with a few day-of-the-week sweaters, which first debuted on the catwalk last January as part of the pre-fall 2017 collection. #wwdfashion (📷: @delphineachard)