According to sources Kimora Lee Simmons, the ex-wife of Russell Simmons, who founded the men’s-fashion brand Phat Farm, from which Baby Phat was born, said on Twitter that she’ll leave the line next month.
Kellwood Company bought the Phat Fashions brands in 2004 in a $140 million deal, with Lee staying on as president and creative director. She said in a statement she was going to “further expand her other businesses.” Baby Phat won’t show at Fashion Week for the second straight season.
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According to theybf.com Baby Phat, Phat Fashions, etc. are in a financial mess as their parent company, Kellwood Co., is being forced to file bankruptcy.
Kellwood Co., one of the largest apparel manufacturers in the U.S., could be forced to file for bankruptcy soon, after it failed to reach an agreement with its bondholders.
The St. Louis-based company, which employs roughly 2,000 people and owns such popular clothing brands as Phat Farm, Sag Harbor and Vince, was taken private in February 2008 by buyout firm Sun Capital Partners for $542 million.
The twin effects of a heavy debt load and a sharp drop in consumer spending have crushed the company’s financial results.
Kellwood has a $140 million bond issue …
Russell Simmons sold Phat Farm and Baby Phat to Kellwood in 2004 for $142 million in cash plus performance incentives. Kimora Lee Simmons remained the HBIC at Baby Phat and now this bankruptcy is about to shake her ish up. Looks like Baby Phat is about to be no longer. Honestly, it was about that time anyways….
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