UPDATE: NexCen Brands Inc. has officially sold Bill Blass to Peacock International Holdings for $10 million. On the downside, Bill Blass Ltd., manufacturer of the Bill Blass Couture line, filed Chapter 7 with a Manhattan bankruptcy court.
UPDATE: Bill Blass Couture officially closed its doors and laid off over 60 employees – without severance pay. NexCen is said to be in the works of selling the brand to men's necktie company, Peacock.
Sad. Bill Blass has officially come to terms with its dismal future. The luxury brand, which lost its creative director Peter Som back in July, has yet to receive any takers on its $20 million dollar asking price. With time dwindling down, finance experts expect Bill Blass Couture to close its doors by January 1st.
“Bill Blass is facing the same challenges as other consumer and retail companies in the current weak macroenvironment", said NexCen managing director Craig Hoffman. Sources predict that given the tough economy, Bill Blass could be sold for much less. Let's cross our fingers that the someone will snatch this deal and bring Blass back to life!