Wet Seal President Resigns
Foothill Ranch, Calif., Allan D. Haims quit his job at The Wet Seal. His resignation from the post of president of Wet Seal stores is effective immediately.
Earlier this month, Peter Whitford resigned from his job as CEO and chairman of the youth-oriented retailer. Joseph Decko, who has experience in finance and operations at retailers Disney Stores and Victoria’s Secret, currently serves as Wet Seal’s interim CEO.
Tweeter Has Tough 4Q, Year
Canton, Mass., Tweeter Home Entertainment Group narrowed its net loss to $10.3 million from $12.6 million in its fourth quarter ended Sept. 30. Total revenues were down 3.1% to $175.9 million, as comp-store sales sank 3.5%.
For the fiscal year, Tweeter’s net loss widened to $18.2 million from $11.7 million the year before. Sales were up 0.1% to $778.2 million, despite a 1% decline in same-store sales.
The company said its results were impacted by hurricanes, which disrupted store operations across the Southeast, and the discontinuation of the retailer’s Bang & Olufsen stores.
Wal-Mart Will Allow Unions in China
Beijing, Under pressure from the Chinese labor federation, Wal-Mart Stores said it would allow workers to set up a trade union in its Chinese stores if employees request it.
“Should associates request formation of a union, Wal-Mart China would respect their wishes and honor its obligations under China’s Trade Union Law,” the retailer said in a statement. “Currently, there are no unions in Wal-Mart China because associates have not requested that one be formed.”
The 123-million member All China Federation of Trade Unions, a state organ that controls virtually every union in the country, had threatened to sue Wal-Mart and other companies based outside China if they don’t set up union branches in their China operations.