Foothill Ranch, Calif. — Arden B locations will be refreshed with either Wet Seal or Wet Seal Plus signage. The company expects to complete this conversion by late July.
Foothill Ranch, Calif. — The Wet Seal, Inc., a leading specialty retailer to young women, will begin winding down its Arden B brand. Arden B currently operates 54 mall-based stores and an e-commerce web site, www.ardenb.com.
“This was a difficult decision that followed a comprehensive review of the business and market dynamics,” says CEO John D. Goodman. “We would like to thank all of our Arden B team members for their hard work and dedication to the brand, and also extend our gratitude to our loyal customers.”
Thirty-one Arden B locations will transition to Wet Seal Plus merchandise and the remaining 23 locations will transition from Arden B to Wet Seal merchandise. Where permissible, Arden B locations will be refreshed with either Wet Seal or Wet Seal Plus signage. The company expects to complete this conversion by the start of the back-to-school selling season in late July.
Through lease expirations and the exercise of early termination provisions, the company will close 15 Arden B locations through the remainder of fiscal 2014 and 16 Arden B locations in fiscal 2015. For the interim period while Arden B locations remain open, the stores will offer Wet Seal or Wet Seal Plus merchandise, as noted above.
Effective immediately, the Wet Seal merchandising organization assumes responsibility for Arden B stores. The buying, planning and allocation team for Arden B will be impacted by the wind-down. The release of some team members and reduction in other expenses will result in annualized pre-tax cost savings of approximately $1.3 million beginning in the second quarter of fiscal 2014.
Headquartered in Foothill Ranch, California, The Wet Seal, Inc. currently operates 532 stores in 47 states and Puerto Rico, including 478 Wet Seal stores and 54 Arden B stores. For more information, visit www.wetsealinc.com.
SOURCE: The Wet Seal, Inc.