Memo: L’Wren Scott Was Not Shutting Down Her Company

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Photo: Mike Marsland/Getty Images

In the wake of L’Wren Scott's death, reports surfaced of business trouble, insurmountable debt, and plans to shut down her company. Today a company spokesperson has issued a statement in response. According to the press release, the reports “are not only highly misleading and inaccurate but also extremely hurtful and disrespectful to the memory of L'Wren Scott.”

The last few days have seen have seen talk of a myriad financial woes and relationship troubles; even Cathy Horyn wrote in her memorial article that Scott intended to announce the closure of her company. The company statement, however, says that Scott intended to "restructure" her global business, and that the “long-term prospects for the business were encouraging."

Read the entire statement after the jump.

A spokesperson for L'Wren Scott:

The figures quoted in the media regarding the financial status of LS Fashion Limited are not only highly misleading and inaccurate but also extremely hurtful and disrespectful to the memory of L'Wren Scott.

Ms. Scott was considering a re-structure of her global business. The L'Wren Scott business consists of a wholesale business of ready-to-wear women's wear, a bespoke Couture business for private clients, a licensing business, Ms. Scott's globally recognized work as a Fashion Consultant and stylist and her collaborations such as her recent collection for Banana Republic. Her business overall was only seven years old and although some areas of the business had not yet reached their potential other parts of her business were proving successful. As a private business, details of income and turnover are not publicly disclosed, however it can be said that the long-term prospects for the business were encouraging. Ms. Scott was very focused on doing what was right for her global business and for the support of her team.

In terms of figures shown at Companies House in the UK. The parent company of LS Fashion Limited based in America had made a standard loan investment to the UK subsidiary. LS Fashion Limited is fully able to meet the company's liabilities and pay all suppliers and customers.

The L'Wren Scott team today said:

"We have lost a great friend and an inspiring leader. We are grieving privately and whilst we appreciate the incredible tributes that have been paid in the media by those who knew L'Wren, we strongly object to some of the media's intrusion into issues that are not only untrue and misleading but also distract from remembering and celebrating her life — the life of a successful, talented, kind, generous and extraordinary woman. We ask that our privacy and that of L'Wren's family and close friends be respected at this difficult time."

No further statement will be made for the time being