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Gen Art, the fashion incubator that helped push Zac Posen, Philip Lim, and Vena Cava to the spotlight, announced yesterday that it was folding. We suspected things were rocky over there when they stopped sending out regular newsletter about a year ago, but it sounds like the organization made a valiant effort to fight the recession. "However, when a major, new, corporate partnership unexpectedly collapsed a few weeks ago," they wrote in an email blast, "we found ourselves without sufficient resources or time to overcome this sudden and substantial loss of revenue." Also closing: Fashion entertainment website Fashionair. Started by a Net-a-Porter alum and funded by Simon Fuller's 19 Entertainment, the video-heavy site is still technically in beta, but Fashionista reports that it will shut down soon. [Racked Inbox; Fashionista]