In the 24 years since Steven Alan opened his first store in New York, the designer (along with the eponymous retailer) has built a brand that served as a gateway for both established and emerging labels. But after undergoing a major restructuring plan last year, which involved closing stores in Chicago and Brooklyn, as well as refocusing energy away from the multi-brand boutique and onto his own label, the designer is still struggling to stay afloat in a shaky retail environment.
On Wednesday, WWD reported that after a rough two years, Steven Alan is in the process of substantially downsizing its business, exiting wholesale and shutting down most of its stores. "We're definitely shrinking the company, but we haven't made a decision to close down," the designer told WWD. "We've closed stores and we will close more, but we hope to go on."
At the height of its business, Steven Alan operated 23 stores across the U.S. and employed a staff of almost 200 people. Currently, the company is down to just six stores and a staff of only 20, including those who work at the corporate office and at its retail units. Furthermore, its New York and Los Angeles showrooms have been closed and its optical license has been terminated. The stores that remain open are in TriBeCa, Chelsea, Brooklyn, the Upper West Side, Boston and Atlanta.
Things aren't looking too bright on the company's e-commerce front either: The brand has reported severe technical issues, resulting in stacks of unsold inventory and massive expenses. Yet despite everything, Alan still seems somewhat optimistic about the brand's future. He told WWD that he hopes he can get the company "back on track" in the days ahead.