Changes at Denim Maker Blue Holdings
Blue Holdings Inc.—the maker of Antik Denim, Yanuk and Taverniti So Jeans—announced that Eric Hohl, its chief financial officer, has resigned.
His duties will be taken over by Glenn Palmer, the company’s president and chief executive officer, until a replacement can be found.
Hohl’s departure Sept. 10 comes at a time the publicly held company is restating its audited financial statements for the year ended Dec. 31, 2007, and its unaudited financial statements for the fiscal quarters ended March 31 and June 30, 2008.
Hohl agreed to make himself available until the end of September, according to documents filed with the Securities and Exchange Commission.
Blue Holdings has been going through various changes. It moved its headquarters a few months ago to 4901 Zambrano St. in Commerce, Calif., from its old office at 5804 E. Slauson Ave., also in Commerce, a location involved in a lawsuit filed by the building’s owner, LIT Commerce Distribution Center. LIT, in its lawsuit filed Aug. 4 in Los Angeles Superior Court, is trying to recuperate $1.25 million from Blue Holdings; Tee-Tease; Azteca Production International; Paul Guez, chairman of Blue Holdings; and his brother, Hubert Guez, president of Azteca, for back rent at the 270,222-square-foot warehouse and office. A settlement conference has been scheduled for Jan. 8, 2009.
In addition, Blue Holdings received a notice Sept. 15 from NASDAQ that its shares would be delisted Sept. 17 because the company failed to meet certain regulatory requirements, such as having its stock trade for at least $1 a share. On Sept. 16, its shares were trading for 27 cents.
Blue Holdings expects its shares to begin trading on the “pink sheets,” operated by the Pink OTC Markets, effective Sept. 17. The blue-jeans company also anticipates trading on the Over-the-Counter Bulletin Board (OTCBB) after it files certain financial statements, the company said in a press release. —Deborah Belgum
