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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Walmart to hire 50,000 holiday associates
Bentonville, Ark. — Wal-Mart Stores Inc. said Friday it will add about 50,000 seasonal associates to staff its stores this year, as well as offer additional hours to existing personnel.
“This is our busiest time of the year and we are focused even more on providing excellent service to our shoppers throughout the holiday season,” said Gisel Ruiz, executive VP and COO, Walmart U.S. “One way we do that is by ensuring our stores are adequately staffed by our associates.”
Home Depot names Blue Nile co-founder to board
Atlanta — The Home Depot said Friday it has named Mark Vadon, co-founder of online jeweler Blue Nile, to its board of directors.
Vadon will serve on the audit and finance committees. His appointment gives the company 11 directors, 10 of whom are independent.