L'Wren Scott Wasn't Closing Her Business

Rumors of the fate of L'Wren Scott's company are still swirling as the fashion world continues to deal with the death of the internationally known designer. On Friday, a L'Wren Scott spokesperson released an official statement denying the reports of the company's impending closure due to overwhelming debt:

The figures quoted in the media regarding the financial status of LS Fashion Limited are not only highly misleading and inaccurate but also extremely hurtful and disrespectful to the memory of L'Wren Scott.

Almost immediately after the tragic news of L’Wren Scott’s suicide, rumors spread as to the cause of her depression. Gossip of her relationship troubles with Mick Jagger and reports of a $6 million dollar debt circulated in the days after her passing.Talk of financial woes moved from hearsay to reported fact when former New York Times fashion critic Cathy Horyn confirmed the speculation in her moving memorial piece published a few days after the news of Scott's death broke. In the article, Horyn states that Scott was in a financial bind and that the closing of her international design business was inevitable, even saying that the closure announcement was expected the week of Scott’s death.

Multiple news organizations around the world also picked up the story due to Horyn's status as a friend of Scott's and a trusted voice in fashion. But in the statement, the L'Wren Scott spokesperson says these reports are incorrect and that the organization is not closing but restructuring.

Ms. Scott was considering a re-structure of her global business. Her business overall was only seven years old and although some areas of the business had not yet reached their potential other parts of her business were proving successful. As a private business, details of income and turnover are not publicly disclosed, however it can be said that the long-term prospects for the business were encouraging.

The spokesperson goes on to say that the company is financially stable and able to meet all current financial obligations. You can read the full statement over at The Cut.