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Band of Outsiders Will Run Without Founder Scott Sternberg

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Back in May, it was reported that LA label Band of Outsiders was shuttering due to low funds. After laying off the majority of its staff and canceling all fall wholesale orders, the cult-favorite, celebrity-beloved label's founder Scott Sternberg confirmed the news on Instagram, hinting at some behind-the-scenes drama: "I can't really comment on the future of the brand as that's out of my hands at this point, but I do want to say thanks to all of the Band fans out there who embraced and supported our brand and clothes over the years."

What's out of Sternberg's hands is the brand in its entirety, as Belgian fashion fund CLCC SA has just purchased the brand's intellectual property and inventory after Sternberg was unable to make payment on Band's $2.5 million-plus credit line. WWD reports that "the fund will operate and distribute Band of Outsiders merchandise in the future and "It appears that the brand will continue without the creative input of the label's founder."

A CLCC spokesperson reveals that the fund "will continue to market Band of Outsiders in the U.S. and overseas," which is great news, but what is the brand without Sternberg's brilliance? We'll all have to wait and see.