Bankrupt?

Unfortunately, we hear fashion power house Escada has filed for bankruptcy this past Thursday morning in Germany. This is so unfortunate, let's hope this is just a recession scare and they will be back better and stronger than ever. It's kind of unfortunate that Jessica Simpson kind of put this brand on the map. Escada's fame rose and fell way to quickly. I mean we have several all over the city. Another blank store front hits 5th Ave.

Founded in 1978, Escada reached the height of its popularity about five years back and since has faded into obscurity. That, paired with the troubling economy, lead to Escada's eventual demise.

Over 2,000 people will be jobless as a result.

Sad.