Is the Ecko label set to become yet another victim of the recession? Speculation about the future of Ecko Enterprises started flying this week as the news came out that Ecko is walking away from its lease on Times Square, originally intended to be the brand's flagship store. The space has been leased up by Ecko since August 2004, when the plans were announced for a spectacular three level, 30,390 square-foot, clothing emporium and live music venue.Progress on the gigantic space that Ecko boasted would "establish Ecko as the leading barometer of global youth culture" ground to a halt almost immediately, as the project cycled through a laundry list of architects and design firms.
Plans for the building weren't approved by the Historical Preservation Commission until November, shortly before Ecko informed the building's owner that they weren't able to go ahead with plans. Ecko Enterprises reportedly stopped paying the undisclosed rent in December, and now it looks like the drama will play out in a series of legal battles.
First up will be a lawsuit from architectural firm TPG Planning and Design for $164,000 in unpaid work on the project. Next will probably be the landlord. Then who knows how many other firms are lining up to take the sportswear giant to court?
Fanning the rumors that team Ecko is in dire straits is the recent close-out sale at the Marc Ecko Warehouse, where they were practically giving everything away for $5.
[via Jezebel]