Wet Seal Plans Sale of Its Class A Stock
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IRVINE — Wet Seal Inc. has registered with the Securities and Exchange Commission to sell 3.1 million shares of Class A Common Stock, the company said Tuesday.
Wet Seal plans to sell 765,000 shares and use proceeds for general corporate purposes, including store remodelings and repayment of debt. Suzy Shier Inc., a Toronto-based retailer that holds a controlling interest in Irvine-based Wet Seal, plans to sell 1.2 million shares. And, two shareholders, Stephen Gross and Wet Seal Chairman Irving Teitelbaum also intend to sell a total of 1.2 million shares.
Wet Seal won’t receive any of the proceeds from the stock sales by Gross and Teitelbaum or Suzy Shier. Teitelbaum will remain chairman of Wet Seal after the planned stock sale.
Schroder Wertheim & Co. Inc. and Montgomery Securities will manage the stock offering.
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