Wet Seal Inc.: Toronto-based Dylex Ltd. said...
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Wet Seal Inc.: Toronto-based Dylex Ltd. said Tuesday it is “open” to selling its 30% stake in Irvine-based Wet Seal Inc.
Dylex spokesman Richard Wertheim said the company is selling off some of its holdings to concentrate on its Canadian operations.
Barry Gruman, a retail industry analyst at investment bank First Marathon Securities in Toronto, said Dylex could fetch as much as $25 million for its stake in Wet Seal if it sells its holdings later in the year.
Wet Seal officials were not available to comment Tuesday on the possibility of a stock sale.
The women’s apparel retailer, which operates about 130 stores, reported a $216,000 profit on $35.4 million in revenue for its third quarter ended Oct. 29. A year earlier, the company reported a $471,000 loss on $36.9 million in revenue.
In Tuesday’s Nasdaq trading, Wet Seal’s stock lost 12.5 cents a share to close at $4.25.
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