As reported by Fashionista.com, uber-edgy, Aussie denim brand, Ksubi has become another victim of the Great Recession and gone into 'voluntary administration', the Australian equivalent of Chapter 11 bankruptcy.
Founders Dan Single and George Gorrow said they were "struggling to achieve the margin necessary to fund the growth and development of the brand [and this was the] only way to ensure the future of ksubi. We are and will remain fully committed to the ksubi brand and in assisting the administrator to achieve the best possible outcome".
Ksubi, founded in 2000, operates three stores in Australia and one in New York. All four will remain open while the company undergoes evaluation by administrators.