Zac Posen will sadly be shutting down his fashion brand and his most recent collection will no longer be shipped.
“The owners of the Zac Posen fashion and accessories brand, announced today that the Company has determined to cease business operations and carry out an orderly disposition of its assets,” the brand confirmed in a statement to People on Friday.
“The Board of Managers of the Company made this difficult decision following a comprehensive strategic and financial review of the businesses and pursuit of a going-concern sale process,” the company continued in the statement. “The Board of Managers is disappointed with this outcome but can no longer continue operations and believe an orderly disposition at this stage is the best course of action, under the circumstances.”
Zac debuted his Spring/Summer 2020 collection with a show in September, but fans will unfortunately not be able to purchase pieces.
“I want to express my appreciation to our extraordinary team and for all those who have stood by me and the brand. I owe a great deal of gratitude for their unwavering support for and dedication to the company,” Zac said in a statement. “The management team at the Company worked extremely hard to navigate the increasingly challenging fashion and retail landscape, consistently evaluating strategic options to strengthen our financial profile and fuel potential growth.”
“We are disappointed that these efforts have not been successful and deeply saddened that the journey of nearly 20 years has come to an end. I am grateful to the team who lent their incomparable talent and commitment along the way. I remain incredibly proud of what we created and hopeful for the future,” he added.
Zac‘s label was launched in 2001 when he was only 20 years old. We look forward to seeing what he does next!
Source: Read Full Article