This just in! Denim brand, Rock & Republic, has filed for Chapter 11 Bankruptcy, citing a $7.5 million in debtor-in-possession financing from CIT Group via Reuters.
The popular denim brand, which counts Victoria Beckham and Beyonce as fans, was founded in 2002. Since then, R&R has enjoyed a whirlwind of success, even expanding their line of premium denim to include accessories, men, women and children's clothing and most recently, cosmetics. The brand is sold at high-end stores like Saks Fifth Avenue, Bergdorf Goodman, Bloomingdale's, Nordstrom and more.
This news comes on the helm of R&R's L.A. Fashion Week in-store installation for their Fall 2010 collection, which includes military blazers, one-shoulder dresses and cool, leathery denim. The CEO and Creative Director, Michael Ball, claimed "An installation allows true fans to get an up close and personal peek of what's to come." via Denim Debutante.
I'm guessing it also helped the brand save more money than a full-on runway show. Apparently though, not enough money.
I appreciate Rock & Republic's modern edge and their entertaining runway shows so I'm saddened by this news, and scared to see other beloved brands take the plunge too.
Here's hoping the company's new chief restructuring officer, Geoffrey Lurie, who helped The North Face get back on their feet, can save Rock & Republic as well.
Kisses,
Coutura
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1 comment:
Wow! This recession takes another victim hostage. Have you checked out Kell On Earth? She has so many clients that owe her money. I hope we get some relief from this recession...sooon.
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