In the wake of the Barneys sale there’s been a second major closing in fashion. In a shocking announcement, Zac Posen revealed he is shuttering his business. WWD broke the news, reporting that employees were informed this afternoon, and that the company is “ceasing operations as of today.” This means the Spring 2020 collection will not be shipped.

“The board made a difficult decision,” Posen told the publication. “We were in a sale process and we ran out of time.”

The New York Times reports that the company’s website redirects to an empty Shopify page, and that all 60 employees have been let go. “I want to express my appreciation to our extraordinary team and for all those who have stood by me and the brand,” Posen wrote on Instagram. “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.”

View this post on Instagram A post shared by Zac Posen (@zacposen) on Nov 1, 2019 at 2:09pm PDT

Subscribe to our newsletter and follow us on Facebook and Instagram to stay up to date on all the latest fashion news and juicy industry gossip.