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Reed Krakoff Suspends All Future Design Operations

Photo: <a href="https://www.facebook.com/ReedKrakoff/photos/pb.238458907598.-2207520000.1426248662./10152840117967599/?type=3&theater">Reed Krakoff/</a>Facebook
Photo: Reed Krakoff/Facebook

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Reed Krakoff is suspending all future design and production for his namesake brand, WWD reports. The company is closing the Madison Avenue store, but e-commerce and the brand's new Soho location and Woodbury Commons outlet will remain open. While operations are suspended, the company will try to pivot from pricey handbags to the accessible luxury market—an area the designer has plenty of experience in, thanks to his time at Coach.

The official statement reads: "In addition, the company is reviewing all strategic options for the brand, which may include production and distribution partnerships or a sale of the business and the brand." A source told WWD that the brand wants to find a new investor as quickly as possible, noting that Reed Krakoff still has inventory for the e-commerce site and stores as well as new products already in the pipeline.

Restructuring plans were last reported in December 2014. Like the brand in its current iteration? It's currently running a 40% off all new arrivals promotion online, ending tomorrow at noon.