Reed Krakoff to Suspend Operations

NEW YORK — Reed Krakoff is suspending operations of his five-year-old brand as the designer attempts to “refocus on the accessible luxury segment of the accessories market.” In a statement provided exclusively to WWD, the brand said that the company will suspend all future design and production, while continuing to operate its Greene Street and Woodbury Commons stores, as well as the reedkrakoff.com e-commerce site. “In addition, the company is reviewing all strategic options for the brand, which may include production and distribution partnerships or a sale of the business and the brand.” The company’s Madison Avenue store will be closed in the near future. Sources said the store is expected to close in about three weeks. About 30 employees will remain with the company to help the transition. Another source stressed that the company still has inventory for the stores and Web site and new products are in the pipeline. The aim is to find a new investor as quickly as possible. Krakoff launched the ready-to-wear and accessory label in 2010.

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