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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
(X) Check this box if no longer subject to Section 16. Form 4 or
Form 5 obligations may continue. See Instruction 1(b).
1. Name and Address of Reporting Person
Craig A. Drill
767 Fifth Avenue
New York, New York 10153
2. Issuer Name and Ticker or Trading Symbol
Wet Seal, Inc.
(WTSLA)
3. IRS Number of Reporting Person (Voluntary)
4. Statement for Month/Year
9/98
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person(s)to Issuer (Check all
applicable)
( ) Director ( ) 10% Owner ( ) Officer (give title below)
( ) Other (specify below)
7. Individual or Joint/Group Filing (check Applicable Line)
_____ Form filed by One Reporting Person
X
_____ Form filed by More than One Reporting Person
<TABLE>
<CAPTION>
TABLE I -- NON-DERIVATIVE SECURITIES ACQUIRED,
DISPOSED OF, OR BENEFICIALLY OWNED
<S> <C> <C> <C> <C> <C> <C>
1. Title of Security| 2. Transaction| 3. Transaction| 4. Securities | 5. Amount of | 6. Ownership |7. Nature of |
(Instr. 3) | Date | Code | Acquired (A) | Securities | Form: | Indirect |
| | (Instr. 8) | or Disposed | Beneficially | Direct (D) | Beneficial|
| (Month/ | | of (D) | Owned at End | or Indirect| Ownership |
| Day/ | | (Instr. 3,4, | of Month | (I) | (Instr. 4)|
| Year) | | and 5) | (Instr. 3 and 4)| (Instr. 4) | |
| | | | |(A) or| | | | |
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| | Code | V | Amount|(D) |Price| | | |
_________________________________________________________________________________________________________________________________
Common 9/15/98 S 500,000 D $14.5 0 (D)
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</TABLE>
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<TABLE>
<CAPTION>
TABLE II -- DERIVATIVE SECURITIES ACQUIRED,
DISPOSED OF, OR BENEFICIALLY OWNED
<S> <C> <C> <C> <C> <C> <C>
1. Title of | 2. Conver- | 3. Trans- | 4. Trans- | 5. Number of | 6. Date Exer- | 7. Title and Amount |
Derivative | sion or | action | action | Derivative | cisable and | of Underlying |
Security | Exercise | Date | Code | Securities | Expiration | Securities |
(Instr. 3) | Price of | (Month/ | (Instr. | Acquired | Date | (Instr. 3 and 4) |
| Deri- | Date/ | 8) | (A) or | (Month/Day/ | |
| vative | Year) | | Disposed of | Year) | |
| Security | | | (D) (Instr. | | |
| | | | 3, 4 and 5) | | |
| | |____________|_________________|___________________|_____________________|
| | | | | | | | | | |
| | | | | | | Date | Expira- | | Amount or |
| | | | | | | Exer- | tion | | Number of |
| | | Code | V | (A) | (D) | cisable | Date | Title | Shares |
___________________|_____________|____________|______|_____|________|________|_________|_________|________|____________|
| | | | | | | | | | |
| | | | | | | | | | |
</TABLE>
<TABLE>
<S> <C> <C> <C>
| 8. Price of | 9. Number of | 10. Ownership | 11. Nature of |
| Derivative | derivative | Form of | Indirect |
| Security | Securities | Derivative | Beneficial |
| (Instr. 5) | Benefi- | Security | Ownership |
| | cially | Direct (D) | (Instr. 4) |
| | Owned at | or Indirect | |
| | End of | (I) (Instr. | |
| | Month | 4) | |
| | (Instr. 4) | | |
</TABLE>
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Explanation of Responses:
Signature:
October 7, 1998
__________________
Date
/s/ Craig A. Drill
Craig A. Drill
CRAIG DRILL CAPITAL, L.L.C.
By:/s/ Craig A. Drill
Craig A. Drill
Managing Member
CRAIG DRILL CAPITAL L.P.
By: Craig Drill Capital, L.L.C.,
its general partner
By:/s/ Craig A. Drill
Craig A. Drill
Managing Member
** Intentional misstatements or omissions of facts constitute
Federal Criminal Violations. See U.S.C. 1001 and 15 U.S.C.
78ff(a).
Note: File three copies of this Form, one of which must be
manually signed. If space is sufficient, see Instruction 6 for
procedure.
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Joint Filer Information
Name: Craig Drill Capital, L.L.C.
Craig Drill Capital, L.P.
Address: 757 Fifth Avenue
New York, New York 10153
Designated Filer: Craig A. Drill
Issuer & Ticker
Symbol: Wet Seal, Inc.
(WTSLA)
Signature:
CRAIG DRILL CAPITAL, L.L.C.
By:/s/ Craig A. Drill
Craig A. Drill
Managing Member
CRAIG DRILL CAPITAL L.P.
By: Craig Drill Capital, L.L.C.,
its general partner
By:/s/ Craig A. Drill
Craig A. Drill
Managing Member
Date: October 7, 1998
1969000.AP7
