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If you read Tuesday's Daily Candy mailer, you were probably just as surprised as us to see a 'Mike & Chris Going Out of Business Sale' scheduled for this weekend. (It's since been taken down from the site, but the original e-mail is pictured above). We contacted the brand's press team for clarification, and just like every other time this rumor has surfaced over the last few months, they assured us that Mike & Chris is not on the brink of demise.
In a statement provided by the brand, Armen Gregorian, CEO of Mike & Chris's current licensee Green Mochi, calls the rumors "categorically false." He adds, "This confusion may have been caused by Mike & Chris's prior manufacturer, M&C Apparel's, demise, which resulted in their factor FTC's liquidation of M&C's inventory." In other words, since M&C Apparel filed for bankruptcy last month, they have to get rid of all their back stock. But, thanks to a licensing agreement with Green Mochi, Mike&Chris' collections for Summer '09 and onward are reportedly going ahead as planned. Crisis averted...once again.
· Mike & Chris, Safe for Now [Racked NY]
· More Trouble [LA Business Journal]
· Mike&Chris [Official Site]