Wet Seal chairman, much of board ousted

A takeover of the teen clothing company, orchestrated by New York private equity firm Clinton Group, comes after negotiations break down and shareholders vote to replace board members.

In a swift overhaul, top officials of troubled teen clothier Wet Seal Inc. — including the chairman — were ousted and replaced by board members handpicked by an activist shareholder that directed the coup.

refinance escrow refund insured closing letter joint account tenants in common