LOS ANGELES, Feb. 17, 2015 /PRNewswire/ -- B. Riley
& Co., LLC ("B. Riley") today released the following
announcement on behalf of its client, Peter
Kim:
Peter Kim, Chief Executive
Officer of Hudson Clothing, LLC ("Hudson"), a wholly-owned
subsidiary of Joe's Jeans Inc. (NASDAQ: JOEZ) ("Joe's Jeans"
or the "Company"), today announced his resignation effective
immediately from the Board of Directors of Joe's Jeans (the
"Board"). Mr. Kim remains CEO and a manager of Hudson, as
well as CEO and a director of each of Hudson Clothing Holdings,
Inc. and HC Acquisition Holdings, Inc., also wholly-owned
subsidiaries of Joe's Jeans.
Mr. Kim also announced today that he has retained B. Riley as
financial advisor and Sullivan & Cromwell LLP as legal advisor
to assist Mr. Kim in an analysis of his alternatives. While Mr. Kim
has not made any decisions in respect of any proposals regarding
Joe's Jeans, Mr. Kim has asked the Board to permit B. Riley access,
under appropriate confidentiality arrangements, to the Company's
financial information and records to facilitate Mr. Kim in making
any decisions. To date, the Company has not permitted B. Riley that
access. There can be no assurances that Mr. Kim will make any
proposals with respect to the Company.
Mr. Kim founded Hudson in 2002 and built it into one of the
leading global designers of women's and men's premium branded denim
apparel. In 2009, Fireman Capital Partners ("Fireman"), in
partnership with Webster Capital, joined Mr. Kim in recapitalizing
Hudson with the objective of expanding the brand. In 2013, Hudson
and Joe's Jeans combined to create one of the largest global denim
companies. In connection with the transaction, Joe's Jeans issued
convertible notes in an aggregate principal amount of approximately
$22.9 million at the time of the
transaction to Hudson's stockholders, including Mr. Kim and
Fireman. Since founding Hudson, Mr. Kim has remained committed to
realizing his strategic vision of being at the forefront of
innovation in the premium denim market and impacting it in a
significant way.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/peter-kim-ceo-of-hudson-clothing-resigns-from-the-board-of-directors-of-joes-jeans-300037393.html
SOURCE B. Riley & Co., LLC