After a disastrous collection under disastrous hire Lindsay Lohan, Ungaro's fashion stock has plummeted, resulting in the closing of the brand's Madison outpost and -- according to a new exclusive in the New York Post -- causing the brand to look for a buyer.
The Post reports that the label has not only officially closed its huge Upper East Side flagship (and yes, Michael Kors is moving in), but it's seeking an investor "willing to take on its debts and tattered image." (Ouch.) Asim Abdullah, who bought the brand from Salvatore Ferragamo in 2005, was recently approached by an investment group about a possible sale, but that the deal had quickly collapsed after the epic fail that was Lohan's Spring 2010 collection for the brand (pasties, miniskirts, and all).
If the reports are true, the situation at Ungaro seems dire indeed. The company's in a significant amount of debt, has jettisoned its latest CEO (Mounir Moufarrige), and are in a serious push to save money and find an investor. The '90s may be back in terms of style, but they're certainly dying when it comes to brands.