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Contemporary clothing label Gryphon is shutting down, reports WWD. This fall will be its last season; co-founder Aimee Cho said that slowing sales were behind the closure. "There comes a time when either a line takes off or it plateaus," she said. "And I don't think we ever reached our taking-off point, for whatever reason. The marketplace is so crowded. It took a lot of soul-searching." [WWD, sub req]