Wet Seal Cuts Management, Corporate Jobs

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Foothill Ranch, Calif. Wet Seal Inc. said Wednesday it has eliminated 41 management and corporate jobs beginning in fiscal 2009. The company expects the move to save about $3.3 million a year before taxes.

Wet Seal said 37 positions were eliminated in its corporate office, and four operations-management positions held by associates outside the corporate office.

Affected employees received severance packages, Wet Seal said, and the company expects to report a related charge of $200,000 to $300,000 in its fiscal fourth quarter of 2008.

The company reported this month that its same-store sales fell 12.5% during December, as its Arden B chain dragged down results.