eff the recession

Breaking: Phi to Shutter

Reminding us the recession is anything but a distant memory, Phi has announced it will shutter owing to economic conditions. Susan Dell, wife of Michael Dell of computer fame, founded the label in 2003. It developed a cult following in New York, where its runway shows were held. The clothes were great, so this is sad news for the city’s fashion scene.

The Phi store on Greene Street in Soho will probably close at the end of next month. The pre-spring delivery which arrived earlier this month will be the last. WWD reports:

“It’s a really challenging climate right now for luxury goods,” said Phi chief executive officer Julia Hansen. “There is not so much confidence in that market going forward.”

The label will offer staffers “transitional support” as operations wind down.

Susan Dell’s Phi Label Shutting Down [WWD]

Breaking: Phi to Shutter