Women's apparel retailer Wet Seal Inc fired CEO Susan McGalla and said same-store sales for the second-quarter are expected to be at the lower end of its earlier guidance.

The company said the termination of McGalla's employment would be effective immediately.

Chief Operating Officer Ken Seipel and Chief Financial Officer Steve Benrubi will act as co-principal executive officers while Wet Seal searches for a new CEO, the company said in a statement.