Joe’s Jeans is hanging on by a tread (pardon the pun) JOEZ stock price has plummeted to just $.39 and it looks like things are getting worse, if possible. NASDAQ Penny Stocks, don’t hang around long. see BAXS or any other number of similar cases. It looks like liquidation time for JOEZ, I would run not walk to the door.
From Wall St. Journal
11:17 EST – LA-based Joe’s Jeans (JOEZ) received a Nasdaq delisting notice, after its stock price fell and has remained below $1.00/share since the jeans retailer defaulted on $94M in debt early last month. Lenders could take action against JOEZ at any time, but the company said negotiations toward a waiver or amendment continue. Last year JOEZ purchased rival jean producer Hudson Clothing Inc. for $94.1M, which included cash and $22.9M in bonds. The purchase was financed largely with a loan from Garrison Loan Agency, which JOEZ fell out of compliance on in September amid low earnings. JOEZ has until May 26 to regain Nasdaq compliance before the company is delisted. Shares down 3.9% at 34c. (email@example.com, @stephgleason)
Joe’s Jeans Inc. is engaged in design, development and marketing of apparel products, which include denim jeans, related casual wear and accessories. The Company sells its products through its own retail stores and to numerous retailers, which include department stores, specialty stores and distributors around the world. Joe’s product line includes women’s and men’s denim jeans, pants, shirts, sweaters, jackets and other apparel products. The Company also offers women’s handbags and clutches, children’s products, shoes, belts and leather goods. Joe’s fit styles include staple denim fits such as skinny, boot cut, cropped, relaxed, flared and boyfriend fits. The Company’s reportable business segments are wholesale, which consists of sale of Joe’s products to retailers, specialty stores and international distributors and retail, which consists of sale of its products to consumers through Joe’s full-price retail stores and outlet stores and through its retail Internet sites.