Market Overview

Joe's Jeans to Sell Joe's Brand, Assets for $80M to Sequential Brands, Global Brands Group

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Joe's Jeans Inc. (NASDAQ: JOEZ)
and RG Parent LLC today announced two transformative transactions.
First, the Company has agreed to sell the Joe's® brand and operating
assets for an aggregate purchase price of $80 million to two separate
buyers, Sequential Brands Group Inc. (NASDAQ: SQBG) and Global Brands
Group Holding Limited (SEHK Stock Code: 787). Proceeds from the
transactions will be used to retire certain outstanding indebtedness,
including all indebtedness owed to the Company's senior term loan
lender. The closings of the asset sale transactions are subject to
satisfaction or waiver of certain conditions, including the simultaneous
closings of both asset sales. It is anticipated that the asset sale
transactions will close by September 30, 2015.

See full press release

 

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