Acclaimed fashion designer Zac Posen is shutting down the business he founded in 2001, according to a report in WWD. The company's employees learned of the news today, and they will cease all operations effective immediately.

Posen, who has recently abandoned the runway at NYFW in favor of lookbooks and other formats, recently showed his Spring 2020 lineup on model Winnie Harlow in a 3D photo shoot. That collection, however, will not be delivered to retailers after all.

Yucaipa Cos., the investment firm that's been a majority owner of the brand for over 15 years, has reportedly been looking to sell for a while. And according to an interview with Vogue, Posen has been trying find the right partner to buy Yucaipa's stake. "But time ran out," he said, adding that he couldn't find another buyer or investor by the deadline.

While he tells Vogue that he feels "very sad," he expresses gratitude at the work he and his team have produced. "It's been 20 years of love," he said. "But I've had the great fortune to express myself creatively, and to have made some incredible work with unbelievably passionate people."

Photo via Getty

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