Gen Art, an organization that supported young fashion designers along with other talents in music and film, just announced they're folding. An e-mail blast reads:
After struggling for the past 18 months since the economic crisis, Gen Art has finally succumbed to the recession.
During this challenging time we did everything in our power to adjust our business to these new business realities by cutting costs and seeking out alternative funding solutions. However when a major, new, corporate partnership unexpectedly collapsed a few weeks ago, we found ourselves without sufficient resources or time to overcome this sudden and substantial loss of revenue. The reality is that we had fiscally planned and relied upon the representations of this partner. Their decision had the unintended effect of pushing Gen Art over the edge. As of today we have halted all operations.
Whitney Port recently held a fashion show with Gen Art. Other designers the organization provided a stage to include Zac Posen, Philip Lim, and Vena Cava.