0000863456-14-000154.txt : 20141125 0000863456-14-000154.hdr.sgml : 20141125 20141125140536 ACCESSION NUMBER: 0000863456-14-000154 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20141124 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20141125 DATE AS OF CHANGE: 20141125 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WET SEAL INC CENTRAL INDEX KEY: 0000863456 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-WOMEN'S CLOTHING STORES [5621] IRS NUMBER: 330415940 STATE OF INCORPORATION: DE FISCAL YEAR END: 0128 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-35634 FILM NUMBER: 141248962 BUSINESS ADDRESS: STREET 1: 26972 BURBANK CITY: FOOTHILL RANCH STATE: CA ZIP: 92610 BUSINESS PHONE: 7145839029 MAIL ADDRESS: STREET 1: 26972 BURBANK CITY: FOOTHILL RANCH STATE: CA ZIP: 92610 8-K 1 a8-k112414strategicalterna.htm 8-K 8-K 11.24.14 Strategic Alternatives


 
 
 
 
 
 
 
 
 
 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8–K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of Earliest Event Reported): November 24, 2014
THE WET SEAL, INC.
(Exact Name of Registrant as Specified in Charter)
 
 
 
Delaware
001-35634
33-0415940
(State or Other Jurisdiction of
Incorporation)
(Commission File Number)
(IRS Employer Identification No.)
 
 
 
 
 
 
 
26972 Burbank
Foothill Ranch, CA 92610
 
(Address of principal executive offices; zip code)


Registrant’s telephone number, including area code:
(949) 699-3900
N/A
(Former Name or Former Address, if Changed Since Last Report)
 


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

[] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 14d-2(b))

[] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))









Item 7.01 Regulation FD Disclosure

On November 24, 2014, the Company issued a press release regarding the exploration of potential strategic and financing alternatives, including the hiring of Houlihan Lokey as the Company’s investment bank, the retention of FTI Consulting as strategic advisor and retention of William Langsdorf as a senior advisor to the finance team. The press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference. In accordance with General Instruction B.2 of Form 8-K, the information in Exhibit 99.1 and in this Item 7.01 shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01. Financial Statements and Exhibits.
(a) Financial Statements of Business Acquired.
Not Applicable.
(b) Pro Forma Financial Information.
Not Applicable.
(c) Shell Company Transactions.
Not Applicable.
(d) Exhibits.
99.1 Press release, dated November 24, 2014, issued by the Company.






SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
 
THE WET SEAL, INC.
(Registrant)
 
 
 
 
Date: November 25, 2014
 
By:
/s/ Steven H. Benrubi
 
 
Name:
Steven H. Benrubi
 
 
Title:
Executive Vice President and Chief Financial Officer





EXHIBIT INDEX
EXHIBIT
 
NUMBER
DESCRIPTION
99.1
Press release, dated November 24, 2014, issued by the Company.


EX-99.1 2 exhibit991112414strategica.htm EXHIBIT 99.1 Exhibit 99.1 11.24.14 Strategic Alternatives


Exhibit 99.1

Contact:
Steven H. Benrubi
(949) 699-3947

WET SEAL PROVIDES UPDATE REGARDING EXPLORATION OF STRATEGIC ALTERNATIVES
  
FOOTHILL RANCH, CA, November 24, 2014 (BUSINESS WIRE) - The Wet Seal, Inc. (Nasdaq: WTSL), a leading specialty retailer to young women, today announced that it has assembled a team to identify and analyze potential strategic and financial alternatives. The company has hired Houlihan Lokey as an investment banker and has also retained William Langsdorf as a senior advisor to the finance team. Houlihan Lokey Capital and Mr. Langsdorf will work with FTI Consulting, Inc, which was previously retained as the company's strategic advisor, to assist in the process.

The Company has not set a timetable for completion of this process, which began months ago, and does not intend to disclose further developments with respect to this process unless and until its Board of Directors approves, in the future, the taking of specific action or otherwise concludes the review of alternatives. There can be no assurance that the exploration of the potential alternatives will result in a transaction or, if a transaction is undertaken, as to its terms or timing.

Ed Thomas, Chief Executive Officer, stated, "I'm proud of the progress we have made to date in light of the ongoing difficult macro environment and state of affairs at the Company when I joined in September. Given our struggles and challenges, it is prudent for us to continue the review of alternatives. We welcome the addition of these advisors to our team."

Mr. Langsdorf most recently served as Chief Financial Officer and Senior Vice President of Tilly's, Inc. until his retirement in 2013. Previously, he served as Senior Vice President and Chief Financial Officer of Anchor Blue Retail Group, Inc., as Executive Vice President and Chief Financial Officer of House2home Inc., and as Chief Financial Officer and Senior Vice President of The Wet Seal, Inc. Mr. Langsdorf holds a Masters of Business Administration from the Kellogg Graduate School of Management at Northwestern University.

About The Wet Seal, Inc.

The Wet Seal, Inc., a pioneer in fast fashion retailing, sells apparel, footwear and accessories designed for teen girls and young women of all sizes through retail stores nationwide, as well as an e-commerce website. As of November 1, 2014, the Company operated a total of 528 stores in 47 states and Puerto Rico and www.wetseal.com. For more company information, visit www.wetsealinc.com.

Safe Harbor

SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: This news release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements that relate to the intent, beliefs, plans or expectations of the Company or its management. All forward-looking statements made by the Company involve material risks and uncertainties and are subject to change based on factors beyond the Company's control. Accordingly, the Company's future performance and financial results may differ materially from those expressed or implied in any such forward-looking statements. Such factors include, but are not limited to, those described in the Company's filings with the Securities and Exchange Commission. The Company will not undertake to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized.


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