Wet Seal’s Finance Chief Resigns
Wet Seal Inc., a clothing retailer under a Securities and Exchange Commission investigation, said Wednesday that its chief financial officer had resigned. No successor has been named.
Douglas C. Felderman will leave at the end of August for personal reasons, the Foothill Ranch-based company said. The company wasn’t more specific. An executive search firm has been hired to find a replacement, the company said.
Wet Seal posted 10 quarters of declining sales before its first quarter this year, when revenue rose 4% to $103.8 million. In April, the SEC opened a formal investigation into the company’s disclosure of a 2004 second-quarter loss and a share sale by Irving Teitelbaum, its former chairman.
Shares of Wet Seal fell 20 cents to $5.25.
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