Last night at a party for Dr. Frank Lipman’s new book, Spent, at Donna Karan’s Urban Zen boutique, Peter Som said he’s still figuring out how he’ll show his fall 2009 collection after splitting with his financial backer and canceling his Fashion Week show. He noted that this is a particularly tough time for young labels like his. “We’re being thrown for a loop. They say it’s the worst recession in 100 years and we’re right in the middle of it, so I think everybody’s having to readjust.” Would the collection itself be affected? “I think you can’t help but bring all those factors into what you do. It’s scary. There’s a lot of question marks, a lot of unknowns. And a lot of people aren’t good with that gray area.” Som, however, said he’s had “enough therapy” to cope with it. Would he consider doing a Target or H&M line? “I think any option, just really looking at anything in a different way — you know, never say never.” Did he prefer Target or H&M? “I don’t know, either.” They better race to get to him first.