US: Clinton exploring financing for potential Wet Seal deal
Activist investor Clinton Group has said it is looking at financing options for a possible acquisition of US women's apparel retailer Wet Seal.
In a filing to the US Securities and Exchange Commission yesterday (18 December), Clinton, the firm's second-largest shareholder, said it was "exploring financing alternatives" in order to make an offer to purchase the company in a "going private" transaction.
Earlier this month, Wet Seal saw its third-quarter net losses widen, resulting in the group offering a cautious outlook for the remainder of the year.
Net losses totalled US$14.9m, while sales fell 5.7%.
According to the filing, Clinton Group currently holds an 8.1% stake in Wet Seal.
Specialty apparel retailer The Wet Seal has narrowed its loss during the fourth quarter, after lower expenses offset a double-digit decline in sales....
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