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Overtime Pay
Retailers are facing a growing onslaught of lawsuits from current and former managers and assistant managers who claim their employers should have paid them for overtime under the Fair Labor Standards Act (FLSA). The managers’ assert that much of what the work managers and assistant managers do is not truly managerial and, therefore under the FLSA, they should not be exempt from receiving overtime pay for any time worked over 40 hours in a week.
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Wet Seal plunges into strategic review
Wet Seal has hired an investment banker and a senior adviser to analyze potential financial alternatives for the struggling retailer.
The company said it has hired investment bank Houlihan Lokey and former Tilly's Inc. executive William Langsdorf to aid in a strategic review. Wet Seal said it has not set a deadline for completion of the process and that “there can be no assurance that the exploration of the potential alternatives will result in a transaction.”