Photo: Araya Diaz/Getty Images for PacSun

These are the stories making headlines in fashion this Tuesday.

PacSun is heading towards bankruptcy

According to Bloomberg sources, teen retailer PacSun is preparing to file for Chapter 11 bankruptcy next week. Not surprisingly, shares of the Anaheim-based teen apparel and accessories brand fell as much as 37 percent on Tuesday. {Bloomberg}

Missoni family to speak with Fern Mallis at 92Y

Fern Mallis will host a conversation with Rosita and Angela Missoni on April 21 as part of her ongoing "Fashion Icons" series at the 92nd Street Y. Mallis, who basically gushed about the family throughout an interview with WWD, is also trying to persuade Margherita Missoni to join the discussion. {WWD}

Bella Hadid to open and close Misha Collection's resort show

If Misha Collection is trying to get the industry to watch their resort collection show, well, they're doing a pretty good job.The three-year-old brand announced on Tuesday that "It" girl Bella Hadid will open and close its resort show in Sydney during May's Mercedes-Benz Fashion Week Australia. The younger Hadid sister will also appear in a resort 2017 ad campaign for the brand. {WWD}

Why designer Reed Krakoff walked away from his brand

To the general shock of the fashion community, Reed Krakoff (former creative director of Coach) announced that his namesake brand would halt production in March of 2015, and then promised a relaunch with a "completely new look and feel" in August. In a new profile, Vanity Fair interviewed Krakoff and several fashion insiders, including Vanessa Friedman and Fern Mallis, about the designer's career and why he might've walked away from his brand. Krakoff explained: "It wasn’t working on any level. And I felt irresponsible asking people to support it... I saw it getting worse, and I decided to go to my investor group and talk about it. And we agreed to not go forward." The designer's new discount line will debut at Kohl's next month. {Vanity Fair}

Adriana Lima would like to walk for Victoria's Secret until she's 40

Adriana Lima has been walking the runways of Victoria's Secret since 2000 and last week, the veteran Angel told the hosts of "Hollywood Today" that she'd like to continue walking until she's 40 years old. So, six more years, everybody. {Hollywood Today}

Jonathan Adler named creative director of Fisher-Price

In slightly random news, Jonathan Adler has been named creative director of Fisher-Price. You know, the toy company. Adler will consult on style direction for baby gear, newborn toys, nursery decor and more. "Fisher-Price is an iconic and beloved global brand and it has been a dream to collaborate with them," he said. {WWD}

Jacques Hyzagi on "Elle on Earth"

By now, you've probably come across Jacques Hyzagi's slightly bizarre, but highly entertaining "Elle on Earth" piece. For those interested in learning more about the author, both The Guardian and The Hollywood Reporter have snagged interviews with him. (We recommend the latter's if you are interested in learning more about that Observer piece.) And in case you haven't had time to track down a copy of 10, here's the first paragraph of Hyzagi's interview with Rei Kawakubo. {The Hollywood Reporter, The Guardian}

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