Wet Seal board OKs share buyback program of $25M

FOOTHILL RANCH, Calif.

The Wet Seal Inc.'s board of directors has authorized repurchasing up to $25 million of the company's class A shares.

The women's clothing retailer said it will buy shares from time to time in privately negotiated transactions with timing and amounts determined by management.

The company said that, as of its closing Tuesday, the repurchase amount is about 7.7 percent of its total market capitalization.

Shares of Wet Seal fell 19 cents, or 5.6 percent, to close at $3.19 on Tuesday. They rose in after-hours trading 17 cents, or 5.3 percent, to $3.36.