Activist investor Clinton Group said it will no longer push for a sale of Wet Seal Inc, which it won control of last week, but will instead focus on turning around the women's clothing retailer.The hedge fund, however, said Wet Seal could attract buyers if it managed to improve its business, and an offer of between $5-$8 per share would be a fair value for the company.Clinton Group, which in June called for a sale of the retailer and is its third-largest shareholder with a 7 percent stake, said it is now hoping for a recovery under the new board.Wet Seal named a Clinton Group nominee as chairman on Wednesday, days after it managed to get four nominees elected to the company's eight-member board. One seat remains vacant.
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 traded higher by 0.82% or $0.025/share to $3.06. 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 821744.
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