Designer Zac Posen, whose designs have often been seen on the red carpet, closed his namesake label on Friday. Posen's company—House of Z—had been undergoing a sale process but the “Board of Managers made this difficult decision following a comprehensive strategic and financial review of the businesses.” In a press release, the company said they were “disappointed” to “cease business operations and carry out an orderly disposition of its assets”—but said they believed it was the “best course of action, under the circumstances.” According to Vogue, the designer reportedly notified his staff of about 60 on Friday about the closure. “I’ve been personally trying to find the right partner for some time,” Posen told the magazine. “But time ran out, and the difficult climate out there… it’s not an easy time in our industry.”