WET SEAL GETS FORBEARANCE: The Wet Seal Inc. inked a forbearance agreement with Hudson Bay Master Fund Ltd., the holder of a $27 million senior convertible note. Hudson Bay in September sent the retailer a notice of default and demand for redemption, according to a Securities and Exchange Commission filing Friday.

The new agreement holds off immediate payment of the obligations under the convertible note until Jan. 12, unless there is a breach of any covenant under the forbearance agreement or Wet Seal elects to file for bankruptcy. 

Separately, the company’s board also approved a $95,000 increase in the annual base salary for Thomas Hillebrandt, the company’s interim chief financial officer and intermim principal accounting officer.

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