High-end denim purveyor Joe's Jeans Inc. (Nasdaq: JOEZ) has reached a forbearance agreement with lenders, after defaulting in November, according to a July 1 filing with the U.S. Securities and Exchange Commission.

The accord is between, on one side, Joe's and subsidiary Hudson Clothing LLC, and on the other, CIT Group/Commercial Services Inc. and Garrison Loan Agency Service LLC. The agreement is valid through Oct. 15, 2015, and can be extended to Nov. 15, if Joe's does not default and meets the requirements stipulated for selling the entire company or a obtaining a new recapitalization loan that would allow the retailer to pay off all outstanding debt under the CIT and Garrison credit facilities.

Subscribe Now

Complete access to real-time information and analysis of news and trends in the industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.