Amid rumors of corporate turmoil, Reed Krakoff announced yesterday that his eponymous label would be suspending operations while it undergoes a transformation "from pricey handbags to the accessible luxury market," our sister site reports. On the ground in New York, that means the Madison Avenue boutique that opened in 2010 will shutter in about three weeks, according to WWD—which means there's big discounts to be had right now.
Madison Avenue Spy visited the boutique recently to find lots of fall/winter merchandise for 75% off and a selection of shoes and handbags for 60% off. But while the discounts are high, the prices still remain out of reach for most—a sweater can go for more than $300, while most dresses remain above $500 and a snakeskin-and-leather bag runs for $2,495.
The newly-opened Greene Street store will remain open while the former Coach designer transforms the brand, as will the Woodbury Common outlet and the website's e-commerce platform. And while WWD states that "no liquidations sales are planned" as of press time, Krakoff's Facebook page is boasting 40% off online orders of the new spring collection through tomorrow at noon.