CEO CHANGE: Teen retailer Wet Seal Inc. announced Monday that it fired CEO Susan McGalla without a replacement for her as it struggles with declining sales. In an interview, Chief Financial Officer Steven Benrubi said that MCGalla’s termination was “strictly due to the financial performance of the company.”
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THE RESPONSE: McGalla, who had served as CEO since January 2011, said in a statement that she was proud of what was accomplished during her tenure.
SHAREHOLDER PUSH: Private equity firm The Clinton Group Inc. urged Wet Seal’s board to sell the company. The Clinton Group says it believes a sale could give stockholders $5 to $8 per share.
