The high-end jeans with the cute name out of Nashville are facing some trying times. Investors in the brand say Imogen + Willie’s founders, Matt and Carrie Eddmenson, spent $1.5 million on a lavish lifestyle of spa visits, fancy motorcycles and free merch. The Wall Street Journal reported:
Former Chief Financial Officer Celia Hughes blamed Imogene + Willie’s financial problems on the Eddmensons’ ‘irresponsible spending,’ saying she saw the couple spend company money on spa visits, a $10,000 motorcycle and on shopping trips at Barneys and J. Crew, court papers said. The couple gave themselves salary increases and didn’t pay for Imogene + Willie merchandise, court papers said.
Investors are requesting chapter 11 bankruptcy protection and trying to appoint new leadership. The Eddmenson’s have not responded, but a company spokesman called the accusations erroneous.[Photo via YFS magazine via Nashvillescene]