Falling sale snatches job from chief executive
Falling sale snatches the job from chief executive of fashion retailer, Wet Seal, who supply outfits for teenagers. The teenage fashion retailer dismissed its chief executive, Susan P. McGalla by a phone call and still it has not given name for replacement. This company is fighting against its declining sale and it said on Monday that it has dismissed its chief executive. Susan was appointed as chief executive of Wet Seal in 2011 and her contract ran through August 2014 but falling sale snatches the job from chief executive.
Company had not given reason of her dismissal but in a news release in which company had announced the departure of chief executive, it said that its sale in stores this year is 13 percent less than earlier year. Ms. McGalla told other senior managers of this company in an e-mail that board told her on Friday night through telephone that they has decided to go in different directions. She wanted to tell the staff in person but this is not possible now.
The first quarter of Wet Seal was ended in April and till the end of its first quarter, its sale fell 5 percent to $147.9 and in some stores this sale fell to 7.7 percent and at that time, chief executive said that Wet Seal was having trouble with its tops business but its other products like shorts and dresses were performing very well. But it is true that falling sale snatches the job from chief executive. However the timing of dismissal was surprising to some as critical period for teenage retailers is about to start.
Wet Seal is also facing bias suits as three former Wet Seal managers filed suit that this company has a policy of firing and denying the promotion of African- American employees. Wet Seal said that it will vigorously defend against this claim.
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