Wet Seal Replaces CEO
7. Wet Seal's CEO Susan McGalla has been fired without a replacement lined up. McGalla's sudden departure was due mainly to the retailers continuing decline in sales. In addition to their financial problems, Wet Seal is also dealing with a federal racial discrimination lawsuit filed earlier this month by three former employees who claim the brand was firing African American employees because they didn't fit the brand's image.. Wet Seal denied the allegations. [TheGrio]
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