Stanley has confirmed it will not be returning to the runway for a second season after the iconic American retailer was forced to pull out of New York in the wake of a massive fire.
The chain was hit by a fire that destroyed more than 3,000 homes, and is facing bankruptcy after it was forced out of its flagship store in Manhattan on Wednesday.
The company has been under intense scrutiny since the blaze that killed 32 people.
Stanley CEO David Morris said the chain’s operations would be “shut down” for the time being as a result of the fire.
Mr Morris said he would “not be making any further comment on Stanley’s future” until the company was clear of the matter.
“We are working very hard to get our stores back to their previous standard of operating, which we believe is as good as or better than the current one,” he said.
“Stanley is deeply saddened by the tragedy that has taken place in New York and is working hard to help our customers and colleagues.”
As for our other stores, we are working to reopen them as soon as possible.
“The store, which had been a fixture on the street in Manhattan for more than 30 years, was closed for the day but was reopening later on Wednesday after a temporary reprieve.
Stanley had been planning to open its doors in the city for a season starting in 2018, with a grand opening expected for the following spring.
But the store has been unable to secure financing because of the cost of cleaning the fire damage and the ongoing financial crisis.
Stanley will not re-open until all of its buildings have been completely rebuilt.
The brand has been in financial trouble since its 2008 collapse and was forced into receivership in 2010.
The retailer has been hit by numerous scandals, including the scandal surrounding a failed $1.2 million sale of a pair of men’s tennis shoes to Chinese businessman Li Baodong.
It has also been hit with several other controversies including the death of former fashion editor Kim Kardashian.
Last month, Stanley revealed it was in talks to buy a chain of ice cream stores from Saks Fifth Avenue.
The proposed deal was not immediately disclosed.
