Mar 16, 2010

Firdt lady Michelle Obama's designer goes bankrupt


US first lady Michelle Obama's favorite city-based designer Maria Pinto leaving out of business as sales have waned in a bad economy.
Pinto, whose clientele also includes talk show host Oprah Winfrey, is closing her store Lola Black LLC. In a five-day sale starting here next week, her collection of daywear, eveningwear and accessories would be liquidated at 50-70 % off.
Her designs were carried by major stores like Bergdorf Goodman, Saks Fifth Avenue, Barneys and Takashimaya in New York, with high-end boutiques across the country, reported Chicago Tribune.
But the designer hit a rough patch after sales to retailers started declining. She decided to close her shop and finish wholesale operations in January this year.
Michelle, who has turned into an icon with her beautiful taste in fashion, had worn Maria Pinto designs to several key events during her husband US President Barack Obama's political career, including the night she spoke at the Democratic National Convention.

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