miu miuMiu Miu, the hipper and younger sister of Prada, may have just snagged Xenu-loving Katie Holmes and a bevy of rising top models to front its spring '09 ad campaign but that doesn't mean that they're not struggling as the stock markets continue to go awry each week.

While the popular Milan-based company celebrated the opening of its new store on on 57th Street between Fifth and Madison Avenue, Miu Miu was simultaneously closing its New York flagship at located at 831 Madison Avenue between 69th and 70th Streets. Indeed, the company even removed the store listing from its website. Le sigh.

[via Fashion Week Daily]