Peter Kim, chief executive officer of Hudson Clothing LLC, a wholly-owned subsidiary of Joe’s Jeans Inc., announced his resignation, effective immediately, from the Joe’s Jeans board of directors. Kim remains CEO and a manager of Hudson.
Kim announced that he has retained B. Riley as financial adviser, and Sullivan & Cromwell LLP as legal adviser, to assist him in an analysis of his alternatives. He has asked the Joe’s Jeans board to permit B. Riley access to the company’s financial information and records to assist Kim in making decisions. To date, the Company has not permitted B. Riley that access.
Kim founded Hudson in 2002, and, in 2009, Fireman Capital Partners assisted him in recapitalizing Hudson with the objective of expansion. In 2013, Hudson and Joe’s Jeans combined to create one of the largest global denim companies. At the time of the transaction, Joe’s Jeans issued convertible notes in an aggregate principal amount of approximately $22.9 million to Hudson’s stockholders.