The Wet Seal, LLC, a portfolio company of Versa Capital Management, LLC, named veteran retailer and current Wet Seal board member Melanie B. Cox as CEO of the fast fashion retailer of apparel, footwear and accessories for young women.
The Wet Seal, LLC currently operates 171 stores in 41 states and an online at www.wetseal.com.
Cox succeeds Ed Thomas, who led Wet Seal through an extensive restructuring and transformation over the past year. Cox and Thomas have worked closely together since the closing earlier this spring.
“I’m glad to have been able to bring Wet Seal back to solid ground after its long period of uncertainty,” Thomas said. “We have great people at our headquarters and throughout our stores, and solid financing that will carry this company into its next phase of development under Versa’s ownership. Now that the reorganization is behind us, I decided it’s the right time for me to step back after a grueling process and evaluate other opportunities, while being confident that Wet Seal is in Versa and Melanie’s able hands.”
“It has been an extraordinary time of change for young
women’s apparel retailers and we thank Ed for his leadership and
contributions over the past year,” said Gregory L. Segall, chairman of Wet Seal and CEO of its controlling shareholder Versa Capital. “He took decisive steps at critical
moments for Wet Seal, and for that reason it stands today as a survivor
with a bright future in a landscape littered with many other retailers
that could not make the same transition.”
Seagall noted that Cox came to know the Wet Seal management team while working closely with Thomas and his team over the past six months as both a board member and trusted adviser.
“We have worked with Melanie for years and believe strongly in the Wet Seal brand,” Seagall continued. “With all the important changes and achievements in its restructuring over this last year, we expect the business to continue its renewal and flourish under Melanie’s direction.”
Cox has spent more than 25 years building retail and consumer products businesses through merchandising and operational experience, including a stint on Wet Seal's merchandising and product development team early in her career. She has a longstanding reputation for optimizing revenues and profitability through merchandising, marketing, operations and customer programs, and demonstrated these skills as part of five successful retail turnarounds.
“I’m looking forward to continuing Wet Seal’s renewal under Versa’s ownership,” Cox said. “This is a brand I have known for decades, and where I spent some early years as a merchant and head of product development helping the business grow from a small 11 store chain in Southern California. I have studied and worked with this demographic for the majority of my career, and I know this is a valuable retail brand. I am excited to collaborate with our Southern California management team, our store associates, and our customers across the country to achieve Wet Seal’s tremendous potential.”
Cox’s executive leadership experiences in retail and apparel include roles as chief merchandising manager for retailers Urban Outfitters, Contempo Casuals (which was acquired by Wet Seal) and The Clothestime. She led Scoop NYC and Gymboree Corp., ran a successful consulting firm where she advised notable public company boards including numerous retailers, and served as an operations executive with private equity firms.
Based in Philadelphia, Versa Capital Management, LLC is a private equity investment firm with more than $1.4 billion of assets under management. It focuses on acquiring control of middle market companies in special situations where value and performance growth can be achieved through enhanced operational and financial management. Versa’s portfolio includes retailers Avenue Stores and Vestis, which owns and operates Bob’s Stores, Eastern Mountain Sports and Sport Chalet. It investments also include Black Angus Steakhouses; community newspapers under Civitas Media; and a variety of manufacturers.
