NEW YORK — Reed Krakoff is officially packing up shop.
The designer, who has suspended operations of his namesake label, is closing his two New York boutiques imminently. WWD first reported news of the suspension of Krakoff’s label in March. At the time, sources said that no liquidation sales would occur and that the designer’s stores would operate on a typical retail schedule through the summer.
Those plans appear to have changed. Krakoff’s four-month-old SoHo boutique at 93 Greene Street looks to have already ceased operation. A sign on the boutique’s locked doors reads: “Due to inventory, Reed Krakoff SoHo will be closed today.” However, store associates in the neighboring Chloé boutique said the Krakoff store has been closed for at least four weeks, and was on final markdown in February and early March. However, the store’s lights are still on, a handful of handbags remain on its shelves, and video installations near the boutique’s front windows continue to play on a loop. The property’s owner at Carter Management confirmed that Krakoff has wrapped up his commercial activities at the property but said that the label is still “in compliance with the lease.”
Krakoff is seeking the assistance of commercial realtor Joel Isaacs of Isaacs and Company to help him sublease the 2,700-square-foot space. When reached for comment, Isaacs said that the space has nine years left on its term, and that it has seen “a lot of activity” from interested parties in the luxury and high-contemporary retailing sectors. He would not disclose its monthly rent.
Krakoff’s Upper East Side boutique at 831 Madison Avenue will close within the next week-and-a-half, according to store sales associates. An official close date has not been set, they said. Merchandise at the location is currently marked down at 70 percent off.
Reached for comment, Krakoff’s Upper East Side landlord Myles Lowell said it is unclear what will happen to the space after the store’s closure and that Krakoff’s lease is still in good standing. He would not disclose how many years are left on the lease’s terms, but said that it is a sizable amount of time. Isaacs said that he is not working with Krakoff to facilitate a sublease of the Madison Avenue store.
Krakoff did not return repeated requests for comment.