The Beginning Of The End?

From the Wall Street Journal

BUSINESS
MARCH 6, 2009
Luxury-Handbag Designer Seeks Bankruptcy Protection

Luxury-handbag designer Lambertson Truex LLC sought bankruptcy protection Thursday, unable to sustain its three upscale metropolitan outlets amid waning demand for its pricey leather accessories.
The company -- known for its $3,000 to $5,000 handbags made of exotic skins such as alligator and python -- once had stores on Madison Avenue in New York, Melrose Place in Los Angeles and in the Palazzo hotel in Las Vegas. It was forced to shut down two of its locations late last month after seeing its profits ravaged by the downturn in consumer spending.

Mr. Dembsky believes the brand could hold significant appeal for potential purchasers. The company began "actively marketing" its assets before running out of credit but is now being forced to continue its search for a buyer in bankruptcy court, according to court documents.
Lambertson Truex LLC reported debts ranging from $10 million to $50 million and assets ranging from $1 million to $10 million in its bankruptcy filing.

Is this the beginning of the end of the "It" bag?