Dallas, Texas 04/09/2014 (FINANCIALSTRENDS) – The Wet Seal, Inc.(NASDAQ:WTSL) the clothing and apparel retail chain for women and young girls is reported seeing great traction with insider trading activity. It was disclosed that the Executive Vice President of Store and Operations, R.Lesli Gilbert has purchased 10,000 shares, raising stake to 99,929 shares. There other hedge funds too invested in this stock such as Grow Partners managed by Carl Wiese, Citadel Investment Group managed by Ken Griffin as well as Millennium Management which is managed by Israel Englander.
Additionally, management incentives were withdrawn recently by Board of The Wet Seal Inc. In a recent announcement, it was noted that the cash compensation to Directors was lowered by over 20% for the rest of the financial year of 2014, by the Board of Directors. The company also announced that going forwards there would be a reduction in the number of nominees from the earlier 9 to 7 members.
The non-executive Chairman, by way of explanation offered that, this was due to the current rounds of cost-cutting the company is currently enforcing.
The Wet Seal, Inc.(NASDAQ:WTSL) is a retailer which operates stores for apparel as well as accessories for women who are aged below 40 years. As the company operates 558 retail stores in over 47 states in the US as well as Puerto Rico.
The Wet Seal, Inc.(NASDAQ:WTSL) also offers online purchases as well as prominent mall-based twin retail chains – called Wet Seal and Arden B.
Both the brands cater to specific age groups. Wet Seal offers young adults trendiest styles in apparels, while Arden B offer products specific to women. The focus in on 25 to 39 ages for women and the clothing offered include basic separates, accessories as lifestyle products.
In the past two years the company has been expanding its retail chain line including the 28 new stores in the Wet Seal store-line. For Arden B stores it open four new stores and closed one store.
