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Now is not a good time to be Marc Ecko. In February, his warehouse on Sixth Avenue and 20th Street abruptly closed. Then came word that he'd ditched his planned flagship in Times Square after three and a half fruitless years paying rent on the empty space. Today, the Post takes another look at the sportswear designer's finances, and what they found is pretty bleak.
The company owes $100 million to one business partner and $70 million to another. They're trying to lease out parts of their headquarters on 23rd Street, and—at least according to the Post's anonymous sources—attempting to sell various parts of the business to rivals. If they can't scare up the money, the whole company might go under. But then what will become of their Cut & Sew store? What will Chelsea do without their unique brand of swagger?
· Breaking [Racked]
· Is Ecko Going Under? [Racked]
· Designer Hangs by a Thread [Racked]