Peter Kim, CEO of Hudson Clothing, Resigns from the Board of Directors of Joe's Jeans

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.

SOURCE B. Riley & Co., LLC

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