Boston, MA 10/16/2014 (wallstreetpr) – Specialty retailer The Wet Seal, Inc. (NASDAQ:WTSL) has spelt out the steps it intends to take over the next few weeks to stem the rot and turn the firm’s operations around. The cost cutting steps were listed out after it announced that its 3Q14 operations results would be coming in at the lower end of its outlook spectrum. It announced the initiation of 22 percent “workforce reduction” plan which is expected to result in nearly 78 positions being eliminated. Off these 66 rolls which are getting the chop are located in its corporate office. It has planned to take on to its books, severance expenses of $0.6 million. It expects to enjoy cost savings of $5.7 million annually through this exercise. The share price sank by 10.8 percent after the news broke yesterday. It was trading at $0.43 per share on 15th October end of day business.
Leading B2B Internet technology services and products provider Chinanet Online Holdings Inc (NASDAQ:CNET) was dragged down by nearly 10.28 percent to settle at $1.92 per share at end of 15th October trading. This occurred a day after it announced the launch of a new financial product line called the “Zero Down Payment Loans”. The scheme is said to be designed to draw in entrepreneurs. The offer is being made by the internet firm in association with China based finance firm Haodai and Yooli. Yooli is a web based crowdfunding services which caters to the Chinese market.
Nu Skin Enterprises, Inc. (NYSE:NUS) was down 9.3 percent and had settled at $44.5 per share on 15th October. This deep dip in investor confidence came on the back of firm announcing that it has closed a reworked $375 million credit deal with syndicated lenders. The company plans to use the funds to pay back debt and other corporate purposes.
