(Photo By MakeUp.Com)
Guess rappers are not the only ones falling into hard times due to financial debt. Hip-hop clothing designer Marc Ecko, has been forced to sell his clothing brand due to a very serious debt.
He has been having financial issues for a while now and his creditors have finally caught up to him. The records that leaked online show that the designer is roughly $200 million in the hole. Marc admits that he was a little too irresponsible with his money and that he made some pretty poor choices. Also, the clothing line itself took a hit in sales this past season with the recession occurring and all. Marc owes everyone from manufacturers to commercial lending corporations. He has hired an investment banker to help him sort all this mess out. If he can't come up with the funds, more of his valuable assets might have to go. The line is slated to continue on, but Marc will have no more ties to the company himself. Marc has stated that he is sad to lose his company, but can accept responsibility for his role in this issue like a man. He has no regrets and feels like he had a pretty good run, taking Ecko from the bottom to the top. No further info is available at this time, when I get more details, I'll do an update.
This hurts my feelings, I am an Ecko freak, even though I can't afford it, lol. I love Marc's designs and the things he does with his clothes and most recently his shoes too. I really wish people in the business would start getting smarter with their finances. Hell or maybe just use common sense. $200 million is a lot of debt, he had to know that things were going south before now. He should have started trying to save things in the beginning. It probably would have been a lot easier and he probably would have got to keep his company. Guess I better get my shoes before the new owners trash the old stuff and put their spin on the new merchandise. Oh well, ish happens. -MinM
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