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Tax reform and e-fairness top RILA’s D.C. agenda
Arlington, Va. -- The passage of comprehensive tax reform and a more level playing field between online retailers and Main Street retailers for sales tax collection top the Retail Industry Leaders Association’s public policy priorities for 2013.
According to RILA, the retail industry pays among the highest domestic effective tax rates at 36.4% more than 10 percentage points higher than the average for all other industries.
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Wet Seal announces cost-cutting moves; COO resigns
Foothills Ranch, Calif. -- The Wet Seal Inc. on Friday announced that its COO is resigning as the struggling retailer initiates a corporate workforce reduction as part of a broader cost-saving initiative. In other moves, it will shutter two poor-performing Arden B stores.
The struggling chain, which also authorized a $25 million stock buyback program, said president and COO Ken Seipel resigned effective immediately. His position will not be filled. Instead, Seipel's duties will be shared between CEO John Goodman and CFO Steve Benrubi.