The Wet Seal, LLC Reaffirms Ed Thomas as CEO

FOOTHILL RANCH, Calif.--()--The Wet Seal, LLC (“Wet Seal”) today released the following statement:

“The Company confirms that Ed Thomas and Tom Hillebrandt, are CEO and CFO, respectively, of The Wet Seal, LLC, and the rest of the senior management team remains unchanged as well, as was announced last week and widely disseminated in our release dated April 15, 2015.

“Erroneous press statements about changes in their status had appeared online and via Google alerts based on required SEC filings made by SEAL 123, Inc. (f/k/a The Wet Seal, Inc. (DIP)) in connection with the closing of the acquisition last week.

“‘It’s unfortunate that a relatively simple procedural matter could be misconstrued in this way,’ Thomas stated. ‘And thanks to the Internet, things can be blown out of proportion quickly. Our team is very excited to continue implementation of Wet Seal’s turnaround strategy.’

“Greg Segall, Chairman of Wet Seal and CEO of its controlling shareholder Versa Capital Management, LLC, which purchased the operating business last week, further stated: ‘Ironically, I had just left Wet Seal’s headquarters after a productive morning of meetings with Ed and his management team when the erroneous reports began appearing. One of the reasons we are optimistic about this investment is Ed, Tom and the rest of the management team. Absolutely nothing has changed in that regard, and we are excited to already see the early ‘green shoots’ of progress on the road to Wet Seal’s renewed success.’

“Yesterday, the legacy company, Wet Seal, Inc., which remains in Chapter 11 in Delaware, and is now called Seal 123, Inc.; issued an 8-k filing that named new officers and directors. Thomas and Hillebrandt were among those whose former positions changed given their hiring by the ‘new company’ to continue running the Wet Seal business. William Langsdorf was appointed to oversee the final dissolution of the ‘Old Company,’ known as SEAL123, Inc. A link to the ‘Old Company’ SEC filing is contained here: http://www.sec.gov/Archives/edgar/data/863456/000119312515140089/d913081d8k.htm.

“The new company is named The Wet Seal, LLC.”

About The Wet Seal, LLC

The Wet Seal, LLC is known as a pioneer in fast fashion apparel, footwear and accessories designed for young women of all sizes through retail stores nationwide, as well as a highly active e-commerce website. The company currently operates 173 stores in 42 states and Puerto Rico and an e-commerce business at www.wetseal.com.

Contacts

Media:
The Abernathy MacGregor Group, Inc.
Rivian Bell, 213-630-6550
rlb@abmac.com
Chuck Dohrenwend, 212-371-5999
cod@abmac.com

Contacts

Media:
The Abernathy MacGregor Group, Inc.
Rivian Bell, 213-630-6550
rlb@abmac.com
Chuck Dohrenwend, 212-371-5999
cod@abmac.com