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Wet Seal Slows Growth, Looks Off Mall

FOOTHILL RANCH, CA-The company looks off-mall as it cuts it looks to cut its store growth next year.

By Debra Hazel | Updated on November 30, 2007

FOOTHILL RANCH, CA-After posting a third-quarter loss and facing a difficult economic environment, the Wet Seal will significantly cut store growth next year while testing off-mall locations for its Wet Seal brand, executives said at the company’s third quarter conference call.

The typical annual net store count increase of 15% will be trimmed to 5% next year, with the bulk of openings to take place in the second half of the year.

“We have been reviewing our real estate deals in the pipeline, and we have eliminated some deals because of such things as inappropriate sizes, inadequate economics and other factors,” said Edmond Thomas, CEO. About 20 stores will close as a result of lease expirations.

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