Joel Waller, the executive who turned around Foothill Ranch-based retailer Wet Seal Inc., is set to step down in February when his contract is up.
Wet Seal said Monday it doesn’t plan to renew his contract early next year. Waller plans to stay on until then.
The company, which sells clothes for girls and young women at mall stores, plans to search for a replacement.
Waller has overseen a dramatic turnaround of Wet Seal.
The company’s troubles started in the late 1990s, when its styles fell out of favor with teen fashionistas. Many expected Wet Seal to file bankruptcy, which it didn’t.
With the help of turnaround consultant Michael Gold, Waller closed unprofitable stores, switched up management and cut costs.
He’s now looking to open more stores.
Things have been tougher of late. In April, Wet Seal saw same-store sales fall nearly 10%, more than what Wall Street had expected.
