Wet Seal Ceo Steps Down

Wet Seal Inc. (Foothill Ranch, Calif.) announced that its president and ceo Edmond Thomas plans to leave those positions, as well as his seat on the board, in October when his employment agreement expires.

The fashion retailer plans to hire an executive-recruiting firm to assist in its replacement search, and Thomas says he’s willing to serve in a transitional role if the positions are not filled by October.

“Ed led The Wet Seal during a difficult economic period,” says chairman Harold Kahn. “He leaves us with a strong foundation and exceptional balance sheet.”

Thomas became ceo in 2007. He had previously served as president and chief operating officer at Wet Seal from 1992 to 2000.

In May, Wet Seal reported its fiscal first-quarter earnings dropped 38 percent, impacted by an asset-impairment charge and interest expenses. Like many apparel retailers, the company has also seen soft monthly sales based on weak mall traffic, unfavorable weather and a later Memorial Day holiday this year.