Zac Posen Shuts Down his Fashion Brand after 20 years

Zac Posen’s fashion and accessories brand will be shutting down and its most recent collection will no longer be shipped.
Zac’s label debut was in 2001 when he was just 20 years old. He has announced the closure of his eponymous line, after nearly 20-year operation after failing to find new investors or buyers for the business. "My partners and I tried everything possible within our means to find solutions to keep it going. I have been trying to find the right strategic partners at this tough time in retail and in the industry. The clock ran out." says Posen.
Zac launched his Spring/Summer 2020 collection with a show in September, but sadly fans will not be able to purchase the collection.
The brand confirmed in a statement with People that:

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 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 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.

Speaking on the shut down of his brand and journey so far, Zac Posen said in a statement:

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.
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.How is your day going.... Share...… …………….. ………….. …………. 🖋️ 📜 COMMENT BELOW Gossip - Who Which What Where When How #jaiyeorie 📎 ... CRITIC ALSO 🖋️ spill TEA ☕ Easy on Shade 💣