When news circulated that Band of Outsiders was closing, fans of the brand helmed by Scott Sternberg, were left with the question, “but why?” The New York Times is attempting to answer that with a new article written by Steven Kurutz. As Band of Outsiders’ New York store attempted to liquidate stock with a final sale this summer, Sternberg took to Instagram with the following statement: “The proverbial Fat Lady sings, at least for me and my time here at Band of Outsiders…the store should be open for at least another week so, like, go buy something cute. And enjoy it. That was the whole point of this thing after all.”
While Sternberg never addressed why Band of Outsiders closed, Kurutz points out that the reasons are financial. He shares that “The label’s creditor CLCC S.A. said in an email statement that it had provided a $2 million loan to Band of Outsiders, which was secured by intellectual property, inventory and proceeds, and that the label defaulted on its obligation.” Kurutz goes on to address that Band of Outsiders filled a niche in the menswear market when it opened, proving slim-cut, tailored fashions, but with stores like Topman and Zara encroaching on that market, along with middle of the road pricing, the end was inevitable. Read more at NYTimes.com.