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EX-99.1 - EXHIBIT 99.1 - SEAL123 INCexhibit991pressreleasedate.htm


 
 
 
 
 
 
 
 
 
 

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): October 14, 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 2.02 Results of Operations and Financial Condition.

On October 14, 2014, The Wet Seal, Inc. (the "Company") issued a press release which, among other things, included management’s updated loss per share expectations for its fiscal 2014 third quarter. A copy of the Company's press release is attached as Exhibit 99.1 to this Current Report on Form 8-K.

Item 7.01. Regulation FD Disclosure.

On October 14, 2014, The Wet Seal, Inc. (the “Company”) issued a press release announcing that, as part of its strategic review of business operations, the Company has implemented various cost-saving initiatives, including a workforce reduction of a combination of 78 filled and open positions, representing net annualized pre-tax savings of $5.7 million. As a result of this workforce reduction, the Company expects to incur a one-time severance charge of approximately $0.6 million in the third quarter of fiscal 2014. In addition, the Company has plans to reduce expenses by an additional $1.3 million annually through operational efficiency measures, particularly in its distribution center.

A copy of the Company’s press release is attached as Exhibit 99.1 to this Current Report on Form 8-K.

Item 9.01. Financial Statements and Exhibits.
(d)    Exhibits.
99.1

Press release, dated October 14, 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: October 14, 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 October 14, 2014, issued by the Company.