The economic crunch is taking a toll on the pocketbook of fashion designer Marc Ecko, according to a new report by Crain’s New York.
The report notes that Ecko’s office space—which includes a basketball court and is 275,000 square feet—which costs $9 million a year is now on the market.
Even with the sale of the building, the fact that the space is up for sale at all may point to a culmination of turbulent times for the fashion giant.
Crain’s notes that Marc Ecko Enterprises is trying to pay off its debts. Ecko sold his watch trademark to Timex in last month and also relinquished his Avirex brand to Kids Headquarters.
The trouble does not stop there. Ecko also closed an outlet in New York’s Times Square and closed down a Cut and Sew boutique.
While part of Ecko’s misfortunes is due to changing trends in the fashion industry, the lack of loyalty from previous customers—in the midst of a dwindling economy—is also to blame.
