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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.
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Vitamin Shoppe cleared for Super Supplements takeover
North Bergen, N.J. -- The Vitamin Shoppe said Monday it was notified by the FTC that it has been cleared to acquire Super Supplements, with a targeted closing date of Feb. 15.
In December, the vitamin retailer had announced it would purchase the assets of Super Supplements, a specialty retailer of vitamin, mineral and supplements, for $50 million.
Super Supplements operates 31 stores in Washington, Oregon and Idaho, and expands Vitamin Shoppe's presence in the Pacific Northwest where it currently operates 17 stores.