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Wet Seal additional hand rocks as clothier sales
But like a high school infatuation, The ardor has chilled for Wet Seal,/p>
the particular business, in Foothill Ranch, similar Irvine, Reported figures yesterday for August sales at stores open at least a year a crucial industry statistic and they were dismal: log 14.8 percent weighed against those in the same month a year earlier,/p>
Its shares have eroded continuously from $25 in April 2002 to $1.11 last night, quite possibly the most breathtaking falls even in a market known for its fickle customers,/p>
based on a company history, Wet Seal was established as a "lingerie shack" In Newport pool in 1962. Originally named Lorne for founder Lorne Huycke the name was changed a few years later after Huycke wife saw a glossy black bikini at a runway show and said to her husband, "She may resemble a wet seal,/p>
Analysts openly speculated yesterday about the chance of a Wet Seal bankruptcy filing, A prospect the corporation declined to comment on,[link widoczny dla zalogowanych], And some wondered whether the only component of the company with real value is its less significant Arden B. stringed, that steadily 96 stores and caters to women in their late 20s and early 30s. In hillcrest County, business has four Wet Seal stores and one Arden B,/p>
In a recorded go to, helen Rotherham, vp for investor relations, Said yesterday that the Wet Seal chain, With 468 sites, Had suffered regressing sales in all four weeks of last month. Arden h, on the other hand, "Continued to perform well,/p>
She said yesterday afternoon that the organization did not separate out results and declined to comment further,/p>
While the clothing market for teens is always tough to gauge, This summer numbers have been mostly split between the haves and havenots. While u s of a's Eagle Outfitters is soaring, among the old standby winners, much like Hot Topic and abercrombie Fitch, 've got slumped,/p>
Sales at Hot industry,[link widoczny dla zalogowanych], Which were on what seemed like an endless doubledigit rise a year ago, abandoned 8.7 per-cent in August. abercrombie was down 5 percent. even so, Sales at america Eagle were up 23 percent, and so Aeropostale, Another chain that serves teenagers, was previously up 6.2 percentage,/p>
Analysts surveyed by Thomson First Call had probable that American Eagle would rise 13.9 percentage,/p>
With all their competitors, the garments "must fabulous" Now inside your, schokohrrutige said. For summer months time, Wet seal "produce was mediocre, She shown,/p>
Wet Seal missed the movements, experts said. When everlastingly 21, A popular contender, Was being trendier, Wet close off, Whose apparel is higher, Was improving its quality and whitening its stores,/p>
But the teens didn want advanced quality at a higher price, Said elizabeth O. Pierce, Who practices the stock for Sanders Morris Harris. "What resonates now with teenage girls is disposable fashion, She identified. "They must replenish their clothes every week,/p>
on the inside June, Wet Seal launched it had hired Financo, A New Yorkbased cost banking firm, to assistance it raise $25 million, the sensation you get Aug. 19 the company said it was wanting to find a consultant to look into its options,/p>
On aug. 20, Wet Seal stock fell 59 percent after losses increased and Joseph Teklits, An analyst with Wachovia who responds the stock, Wrote that the corporation "Critical loss of talent appears leading it to a point of no return, rather into Chapter 11 or some other reorganization or sale,/p>
Black said not too long ago that "The speculation is that they may file any day now, Pierce said questions about whether Wet Seal would seek bankruptcy relief protection were "All the buzz" At the Magic norm of retailers in Las Vegas, who just ended,/p>
Wet Seal declined to comment on the supposition or elaborate on its finances. On aug. 3, group reshuffled its board, deciding on a new chairman and four new directors,/p>
john p Whitford, The chief executive,[link widoczny dla zalogowanych], been successful Irving Teitelbaum as chairman. Teitelbaum, Who remains a movie director, Had been chairman since 1984 and oversaw the rise of Wet Seal from 18 stores to more than 500. Teitelbaum is also chairman and chief executive of La Senza Corp, A Canadian industry, Which recently sold during 3 million shares of Wet Seal,/p>
enterprise also brought in Howard Gross, Who is known as a turnaround specialist, As lead director. He was president and leader of Limited and Victoria Secret stores. On august. 19, The board appointed a panel "To analyze appropriate other methods, The committee includes Gross,/p>
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