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Retailer Wet Seal names Clinton Group nominee as chairman

Wednesday, 10 Oct 2012 | 8:26 AM ET

Oct 10 (Reuters) - Clothing retailer Wet Seal Inc named a Clinton Group nominee as chairman of its board, after replacing four of its board members with the activist investor's nominees last week.

Lynn Davey, previously chairman and chief executive of Avalon Group Ltd, will replace Harold Kahn, who was among the board members who resigned following the Clinton Group's efforts to bring changes to the board.

Wet Seal has been under pressure from the Clinton Group to turn around its business following a continuous decline in monthly same-store sales.

Shares of the Foothill Ranch, California-based company closed at $3.035 on the Nasdaq on Tuesday.

(Reporting By Maria Ajit Thomas in Bangalore; Editing by Saumyadeb Chakrabarty)

((maria.ajit@thomsonreuters.com)(within U.S. +1 646 223 8780)(outside U.S. +91 80 4135 5800)(Reuters Messaging: maria.ajit.thomsonreuters.com@reuters.net))

Keywords: WETSEAL CLINTONGROUP/

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