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Wet Seal terminates rights plan; offers two board seats to activist investor
Foothills Ranch, Calif. -- The Wet Seal Inc. said Thursday it has dropped its temporary shareholder rights plan, citing feedback from stakeholders, and has proposed to expand its board to include two nominees of activist investor Clinton Group.
In July, Clinton Group, which owns approximately 7% of Wet Seal, called for a sale of the retailer, expressing dissatisfaction with its performance, and made a play for four seats on the board. In response, the retailer adopted a temporary shareholder rights plan with a 10% trigger.
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Town Shoes’ Sterling division goes live with Vision Suite
New York -- Enterprise business solution-provider Jesta I.S. Inc. said Thursday that Sterling Shoes, a division of Toronto-based Town Shoes, has gone live with its Vision Store and Vision Merchandising software.
Town Shoes completed the acquisition of 69 Sterling Shoes stores in April 2012 and immediately launched the selection process for POS and merchandising software solutions that could be implemented by Labor Day weekend.