Clinton Group, the second-largest holder of stock in Wet Seal, issued a letter to its fellow stockholders of the Company: "The Clinton Group is seeking to upgrade the Company's Board of Directors to ensure the Board has experienced and capable professionals that can guide the business to long-term success. The Company's performance over the last five years has been extremely frustrating and unnecessarily poor, as the Board has made a series of hiring and strategic missteps and failed to optimize the balance sheet. The Company has no Chief Executive Officer. We do not believe stockholders should entrust this critical decision to the current Board. They have not made good hiring decisions in the past. We have no reason to believe their judgment on executives has suddenly improved. We are pleased that Institutional Shareholder Services and other research analysts agree with us that changes in the composition of the Board are warranted. We encourage you to support our proposals as well."