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Wet Seal closing 338 stores, laying off nearly 3,700 employees
Foothill Ranch, Calif. -- The Wet Seal announced it would 338 stores, or about 66% of its total portfolio, “on or about” Jan. 7, resulting in the termination of some 3,695 full and part-time employees. The struggling teen apparel retailer said the decision to close the stores was based on its overall financial condition and an inability to negotiate meaningful concessions from its landlords.
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Bi-Lo CEO to leave
New York -- Supermarket operator Bi-Lo Holdings LLC, parent of the Bi-Lo and Winn-Dixie chains, said that Randall Onstead will step as president and CEO, effective March 1. The company has identified a successor, who will be named at a later date.
Onstead has been with Bi-Lo, and its parent company Lone Star Holdings, since 2008 when he was named chairman of Bi-Lo, which was then a standalone supermarket company. Under his tenure, the company went though and successfully emerged from Chapter 11 protection after which it went on to flourish and expand.