Activist investor Clinton Group said it will no longer push for the sale of women's clothing retailer Wet Seal Inc after winning control of the board last week, but will instead focus on turning the company around.The hedge fund, however, said that Wet Seal could attract buyers if it managed to improve its business, and an offer of between $5.00 and $8.00 per share would represent fair value.The stock was trading at $2.98 on the Nasdaq on Wednesday, valuing the company at $270 million.Wet Seal named Clinton Group nominee Lynn Davey as chairman on Wednesday. Davey was one of four Clinton nominees named as directors last week, ending a battle for control of the eight-member board.
The Wet Seal, Inc. is a specialty retailer operating stores selling apparel and accessory items designed for female customers aged 15 to 39 years old. Shares of WTSLA fell by 0.49% or $-0.015/share to $3.02. In the past year, the shares have traded as low as $2.42 and as high as $4.63. On average, 1149730 shares of WTSLA exchange hands on a given day and today's volume is recorded at 2110348.
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