Report: Activist investor group seeks to replace majority of Wet Seal board

New York -- Wet Seal Inc. sent a letter to its shareholders saying activist investor Clinton Group is looking to replace most of the retailer's board with its own nominees, Reuters reported.

Wet Seal urged its shareholders to reject Clinton's five-member slate, according to a filing with regulators on Sept. 24, the report said.

The struggling retailer terminated its shareholder rights plan last week and proposed to expand its board to include two nominees of Clinton. The activist investor group has a 7% stake in Wet Seal and had previously called for the sale of the company.

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