Wet Seal Inc.: Suzy Shier Ltd., a...
Wet Seal Inc.: Suzy Shier Ltd., a Montreal-based retailer, has acquired a controlling interest in the Irvine retailer of junior women’s apparel through a purchase of 3 million shares of common stock. The transaction involved an undisclosed amount of cash and stock.
Irv Teitelbaum, Suzy Shier chairman and chief executive, and Stephen Gross, president of the company, also control more than 2.3 million shares through their private holding company. Teitelbaum is chief executive of Wet Seal as well.
Suzy Shier lost control of Wet Seal in 1990, when Wet Seal was taken public and acquired by another company.
The Irvine company last month acquired Contempo Casuals, a 237-store chain from Neiman Marcus Group. Wet Seal operations will not be affected by the deal, according to Ed Thomas, company president.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
