Reuters: Regulatory News: UPDATE 1-Wet Seal fires CEO; cuts same-store sales forecast

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UPDATE 1-Wet Seal fires CEO; cuts same-store sales forecast Jul 23rd 2012, 12:07 Mon Jul 23, 2012 8:07am EDT * Termination effective immediately * Sees Q2 same-store sales decline 10-11 pct July 23 (Reuters) - Women's apparel retailer The Wet Seal Inc fired Chief Executive Susan McGalla and said same-store sales for the second-quarter are expected to be at the lower end of its earlier forecast. Earlier this month, three former employees accused the company's "most senior executives" of discriminating against black store managers because they did not fit the image of the U.S. retailer. Wet Seal, which also sells accessories such as hats, watches and jewelry, said the termination of McGalla's employment would be effective immediately. Chief Operating Officer Ken Seipel and Chief Financial Officer Steve Benrubi will act as co-principal executive officers while Wet Seal searches for a new CEO, the company said in a statement. Wet Seal said it expects second-quarter comparable store sales to decline between 10 percent and 11 percent, compared with the earlier forecast decline of 7 to 11 percent. The company estimates a second-quarter loss of between 6 to 7 cents per share, before non-cash asset impairment and CEO severance costs. Wet Seal, which caters primarily to young women, was not immediately available for further comment. The Foothill Ranch, California-based company's shares closed at $2.96 on Friday on the Nasdaq. Link this Share this Digg this Email Reprints

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