McQueen’s Label Had $50M Debt at Suicide
Recession hit fashion designer hard; outfit's future unclear
By Will McCahill,  Newser Staff
Posted Feb 17, 2010 9:50 PM CST
The fate of designer Alexander McQueen's New York store is unclear.   (AP Photo)
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(Newser) – Designer Alexander McQueen’s fashion business was $50 million in debt at the time of his suicide last week, an analysis of the firm’s recent statements shows. The Times of London reports that the brand, founded in 2001, didn’t break even until 2007—then made a profit in 2008 only to be dragged under by the world financial crisis.

The French parent company that, through its Gucci holdings, controls McQueen’s label is due to report its financial results tomorrow, and could give details on what the future holds for the 180 employees scattered from London to Milan to New York, the newspaper adds.