True Religion to explore sale of company
Vernon, Calif. — True Religion Apparel said Wednesday it is evaluation strategic alternatives, which could include the sale of the company.
The denim manufacturer, which also operates about 140 retail stores, said it was contacted by interested third parties, which triggered the formation of a special committee to explore alternatives.
No timetable for a potential sale has been set.
Costco Q4 profit jumps 27%
Issaquah, Wash. — Costco Wholesale Corp. reported Wednesday that net income for the quarter ended Sept. 2 jumped 27% to $609 million, from $478 million in the year-ago period. The warehouse club operator credited strong sales and higher member fees for the improved profit performance.
Sales climbed 14% to $31.52 billion, and same-store sales rose 5%. Membership fee revenue rose 18% to $694 million. The company said it plans to open up to 14 new warehouses before the end of calendar year 2012.
Wet Seal names Clinton Group nominee as chairman
Foothill Ranch, Calif. — Wet Seal Inc. said Wednesday it has named Clinton Group nominee Lynda Davey as chairman of the board. Davey is the former chairman and CEO of Avalon Group Ltd. and will replace the recently departed Harold Kahn.
The announcement follows earlier news that four Clinton Group nominees joined the Wet Seal board of directors: Davey, Dorrit Bern, Mindy Meads and John Mills.