By  on December 21, 2009

Phi, the critically acclaimed sportswear label founded by Susan Dell in 2003, is closing, another victim of the recession.

The collection developed a cult following in the New York fashion scene. But the pre-spring delivery, which was shipped to stores this month, will be Phi’s last. The Phi boutique at 71 Greene Street in Manhattan’s SoHo neighborhood is to close at the end of next month.

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