Zac Posen, the label founded in 2001 by Zachary E. Posen, is shutting down. According to a WWD report released on Friday, employees of the brand were notified in the afternoon that the company would be ceasing operations immediately.
"The board made a difficult decision," Posen said to WWD. "We were in a sale process and we ran out of time."
Over the years, Posen has earned a reputation for his red carpet-ready gowns and his status as a TV personality following his role as a judge on "Project Runway." Posen's work has earned CFDA Awards and been worn by the likes of Beyoncé, Rihanna, Natalie Portman and a host of other celebrities. He dressed stars like Winnie Harlow in his gowns as recently as this September in New York.
"I want to express my appreciation to our extraordinary team and for all those who have stood by me and the brand," Posen wrote in a post on his Instagram on Friday. "I owe a great deal of gratitude for their unwavering support for and dedication to the Company. 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. Love ZP."
Fashionista has reached out to a rep for Zac Posen and will update this space when more information is available.