Marc Crossman Resigns as CEO of Joe’s Jeans Inc.; Jay Furrow Named Interim CEO
January 23 2015 - 5:00AM
Business Wire
Joe’s Jeans Inc. (NASDAQ: JOEZ) (the “Company”) announced today
that Marc Crossman has tendered his resignation as President and
Chief Executive Officer and that in conjunction with his
resignation, he will be transitioning to a consulting position with
the Company. Samuel Joseph Furrow, Jr. (Jay) will serve as Interim
CEO.
“We are thankful for Marc's leadership and relationship with the
Company since 1999. During Marc’s tenure, the Company has undergone
several transformations from a private label craft and accessory
business to an internationally recognized premium denim company,”
said Mr. Jay Furrow, Interim CEO. “We look forward to Marc’s
continued involvement and support of the Company.”
About Joe’s Jeans Inc.
Joe’s Jeans Inc. designs, produces and sells apparel and
apparel-related products to the retail and premium markets under
the Joe's® and Hudson® brands and related trademarks. More
information is available at the company website at
www.joesjeans.com.
This release contains forward-looking statements within the
meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995, as amended. The matters discussed in
this document involved estimates, projections, goals, forecasts,
assumptions, risks and uncertainties that could cause actual
results or outcomes to differ materially from those expressed in
the forward-looking statements. All statements in this news release
that are not purely historical facts are forward-looking
statements, including statements containing the words “intend,”
“believe,” “estimate, “project,” “expect” or similar expressions.
Any forward-looking statement inherently involves risks and
uncertainties that could cause actual results to differ materially
from the forward-looking statements. Factors that would cause or
contribute to such differences include, but are not limited to: the
risk that the Company will be unsuccessful in regaining compliance
with Nasdaq Listing Rules, the risk that the Company will be
unsuccessful in remedying its defaults under its term loan and
revolving credit agreements and other subordinated debt, the risk
that changes in general economic conditions, consumer confidence,
or consumer spending patterns will have a negative impact on the
Company’s financial performance or strategies; the highly
competitive nature of the Company’s business in the United States
and internationally and its dependence on consumer spending
patterns, which are influenced by numerous other factors; the
Company’s ability to respond to the business environment and
fashion trends; continued acceptance of the Company’s brands in the
marketplace; successful implementation of any growth or strategic
plans; effective inventory management; the Company's ability to
continue to have access on favorable terms to sufficient sources of
liquidity necessary to fund ongoing cash requirements of its
operations, which access may be adversely impacted by a number of
factors, including the reduced availability of credit generally and
the substantial tightening of the credit markets, including lending
by financial institutions, who are sources of credit for the
Company, the recent increase in the cost of capital, the level of
the Company's cash flows, which will be impacted by the level of
consumer spending and retailer and consumer acceptance of its
products; the ability to generate positive cash flow from
operations; competitive factors, including the possibility of major
customers sourcing product overseas in competition with our
products; the risk that acts or omissions by the company’s third
party vendors could have a negative impact on the company’s
reputation; a possible oversupply of denim in the marketplace; the
risk that the Company will be unsuccessful in gauging fashion
trends and changing customer preferences; the ability of the
Company to be successful in its license product categories and its
licensing strategy, and other risks. The Company discusses certain
of these factors more fully in its additional filings with the SEC,
including its last annual report on Form 10-K and quarterly report
on Form 10-Q filed with the SEC, and this release should be read in
conjunction with those reports, together with all of the Company’s
other filings, including current reports on Form 8-K, made with the
SEC through the date of this release. The Company urges you to
consider all of these risks, uncertainties and other factors
carefully in evaluating the forward-looking statements contained in
this release.
Any forward-looking statement is based on information current as
of the date of this document and speaks only as of the date on
which such statement is made, and the Company undertakes no
obligation to update these statements to reflect events or
circumstances after the date on which such statement is made.
Readers are cautioned not to place undue reliance on
forward-looking statements.
Joe’s Jeans Inc.Hamish Sandhu, 323-837-3700 x 304
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