phi_clothinglabel.jpgOne of the most recent victims of the economic downturn is Phi. The New York sportswear label will shutter this month following the delivery of its pre-spring collection to stockists.

"You have made a decision to be niche, and unfortunately the current realities have shrunk that market. This decision wasn't based on how is the collection doing right now, but it was based on the overarching economic climate and the downward pressure on luxury goods over the next 12 to 24 months," said brand CEO, Julia Hansen.

Phi was created by Susan Dell in 2003 and quickly became a critical success. Known for mixing edgy pieces with new fabric techniques, the brand was targeted a select group of consumers. We'll be sad to see it go.