Women’s specialty retailer The Wet Seal Inc. (Foothill Ranch, Calif.) announced its board of directors has terminated the company’s ceo, Susan McGalla, effective immediately.
Until a new ceo is appointed, the company has formed an Office of the Chairman led by Hal Kahn, Wet Seal’s non-executive chairman of the board. Also during the interim period, president and coo Ken Seipel and cfo Steve Benrubi will be co-principal executive officers and members of the Office of the Chairman.
The company reported comparable store sales for fiscal July dropped 13 to 14 percent. The Wet Seal operates 553 stores in 47 states and Puerto Rico, including 470 Wet Seal stores and 83 Arden B stores.