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Racked NY received the following response to rumors that LA label Mike & Chris is on the rocks, after it canceled its NYC sample sale:
“The allegations made in your posting are absolutely, 100% not true. Mike & Chris is very much still in business, now and moving forward. The sample sale was canceled due to a very unfortunate error in shipping and will be rescheduled within the next 4-6 weeks. They are incredibly sorry about any inconveniences by those who went to the sale. The statement about Mike & Chris employees not being paid is absolutely incorrect, all employees have been paid. Your 'source' is gravely mistaken in reporting that.”
Mike & Chris is not restructuring, they're in the middle of moving offices this week. I know there's been a lot of confusion surrounding the brand, but it's business as usual there."
Meanwhile, on this coast, we hear the following from a local boutique owner, regarding the label:
"Yes, I heard this rumor on Monday the same day it supposedly leaked out. I only have second or third hand info from a rep at a showroom Downtown and I'm not sure who she got her info from but it sounded believable to me. The rep told me that she found out on Monday that Mike & Chris are closing down due to a loss of financing or financing problems but that they would probably make a comeback. Back in March, I heard from someone with ties to the company that they were starting to feel the pinch financially.
I was at the Mike & Chris Sample Sale on Saturday and it surprised me how much merchandise there was for sale. It was at least six times more stock than at their last sample sale. And they were pulling from the stockroom at request when someone wanted to find a size that wasn't out. As soon as I heard the news on Monday it all made sense."
We do hope this is all just rumor, as the boutique owner also conveyed: This brand is one we really don't want to lose.
· Mike & Chris "Restructuring," Future of Label is Uncertain [Racked]