Investors in the high-end denim brand Imogene + Willie are trying to force the Nashville, Tenn., retailer into bankruptcy, accusing the founders of misspending company money on luxury clothing items, spa visits and home renovation projects, the Wall Street Journal reported today. In court papers, investors asked a bankruptcy judge to replace Imogene + Willie founders Matt and Carrie Eddmenson with new leadership, saying that the couple spent a $1.5 million cash investment “on themselves to support a lavish lifestyle of personal indulgence while failing to meet any of the critical deadlines for developing a wholesale business.” Founded in 2009, Imogene + Willie designs upscale jeans that quickly became popular with high-end boutiques across the country. The request for new leadership, filed on Tuesday in U.S. Bankruptcy Court in Denver, came from businessman Robert Lamey and his wife, Paige Heid, who invested in the jeans company in July 2013. They are also trying to force the company into chapter 11 protection by filing what is called an involuntary petition, an action that gives the company 20 days to respond. Read more. (Subscription required.)
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