Fashion designer and red carpet favorite Zac Posen announced on Friday that he's shuttering his eponymous fashion label "House of Z." The 39-year-old creative and former "Project Runway" judge had been in the industry since the early 2000s and was known for his slew of accomplishments, including re-designing Delta Airline's uniforms for over 64,000 employees in 2018 and working with Princess Eugenie for her second wedding dress this past fall.
The decision on Nov. 1, which Posen called both "surprising" and "immediate" with the layoff of 60 staff members, comes after the business struggled to find a buyer and new investors.
"My partners and I tried everything possible within our means to find solutions to keep it going," the designer said to WWD. "I have been trying to find the right strategic partners at this tough time in retail and in the industry. The clock ran out."
Prettiest Zac Posen dresses on the red carpet
Prettiest Zac Posen dresses on the red carpet
NEW YORK, NY - MAY 01: Katie Holmes and Zac Posen attend the "Rei Kawakubo/Comme des Garcons: Art Of The In-Between" Costume Institute Gala at the Metropolitan Museum of Art on May 1, 2017 in New York City. (Photo by Karwai Tang/WireImage)
Claire Danes, Zac Posen, and Hugh Dancy attend the 2016 Costume Institute Gala at the Metropolitan Museum of Art on May 02, 2016 in New York, New York.
NEW YORK, NY - MAY 6: Katie Holmes attends The Metropolitan Museum Of Art's 2019 Costume Institute Benefit "Camp: Notes On Fashion" at Metropolitan Museum of Art on May 6, 2019 in New York City. (Photo by Sean Zanni/Patrick McMullan via Getty Images)
LOS ANGELES, CA - AUGUST 29: Christina Hendricks poses in the press room with the award for 'Outstanding Drama Series' for 'Mad Men' at the 62nd Primetime Emmy Awards at Nokia Theatre L.A. Live on August 29, 2010 in Los Angeles, California. (Photo by Gregg DeGuire/FilmMagic)
Sean Penn, Jessica Chastain and Brad Pitt attend "The Tree Of Life" Premiere during the 64th Annual Cannes Film Festival at Palais des Festivals on May 16, 2011 in Cannes, France. (Photo by Jean Baptiste Lacroix/FilmMagic)
NEW YORK, NEW YORK - MAY 06: Jordan Dunn attends The 2019 Met Gala Celebrating Camp: Notes on Fashion at Metropolitan Museum of Art on May 06, 2019 in New York City. (Photo by Kevin Tachman/MG19/Getty Images for The Met Museum/Vogue)
NEW YORK, NEW YORK - MAY 06: Julia Garner arrives for the 2019 Met Gala celebrating Camp: Notes on Fashion at The Metropolitan Museum of Art on May 06, 2019 in New York City. (Photo by Karwai Tang/Getty Images)
Actress Gwyneth Paltrow arrives at the 79th Annual Academy Awards�� held at the Kodak Theatre. Dress by Zac Posen. (Photo by Frank Trapper/Corbis via Getty Images)
HOLLYWOOD, CALIFORNIA - FEBRUARY 24: Ashley Graham arrives at the 91st Annual Academy Awards at Hollywood and Highland on February 24, 2019 in Hollywood, California. (Photo by Steve Granitz/WireImage)
BEVERLY HILLS, CA - JANUARY 13: Actress Lena Dunham attends HBO's Official Golden Globe Awards After Party held at Circa 55 Restaurant at The Beverly Hilton Hotel on January 13, 2013 in Beverly Hills, California. (Photo by FilmMagic/FilmMagic)
BEVERLY HILLS, CA - DECEMBER 11: Rihanna arrives at Rihanna's First Annual Diamond Ball at The Vineyard on December 11, 2014 in Beverly Hills, California. (Photo by Jon Kopaloff/FilmMagic)
BEVERLY HILLS, CA - January 13, 2013 Naomi Watts arrives for the 70th Annual Golden Globe Awards show at the Beverly Hilton Hotel on January 13, 2013. (Photo by Wally Skalij/Los Angeles Times via Getty Images)
NEW YORK, NY - MAY 06: Nina Dobrev attends The 2019 Met Gala Celebrating Camp: Notes On Fashion - Arrivalsat The Metropolitan Museum of Art on May 6, 2019 in New York City. (Photo by Rabbani and Solimene Photography/WireImage)
Actress Viola Davis arrives at the 22nd Annual Screen Actors Guild Awards held at The Shrine Auditorium. (Photo by Frank Trapper/Corbis via Getty Images)
HOLLYWOOD, CA - FEBRUARY 27: Presenter Oprah Winfrey speaks onstage during the 83rd Annual Academy Awards held at the Kodak Theatre on February 27, 2011 in Hollywood, California. (Photo by Michael Caulfield/WireImage)
NEW YORK, NY - JANUARY 28: Fashion designer Zac Posen (L) and recording artist Miley Cyrus pose in the press room during the 60th Annual GRAMMY Awards at Madison Square Garden on January 28, 2018 in New York City. (Photo by Michael Loccisano/Getty Images for NARAS)
Glenn Close arrives to the Vanity Fair after party of the 84th Academy Awards, hosted by Graydon Carter at the Sunset Tower Hotel Sunday evening. (Photo by Axel Koester/Corbis via Getty Images)
Uma Thurman attends the Costume Institute Gala for the 'PUNK: Chaos to Couture' exhibition at the Metropolitan Museum of Art in New York City. �� LAN (Photo by Lars Niki/Corbis via Getty Images)
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In an interview with Vogue, the designer echoed these sentiments and the privations the industry faces in recent years. "Time ran out, and the difficult climate out there… it’s not an easy time in our industry," he explained to the publication.
Posen, whose celebrity following includes the like of Claire Danes, Beyonce, Natalie Portman, Michelle Obama and Jennifer Lopez, amongst other hi-profile names, took to Instagram this weekend to express his gratitude to his team.
"I want to express my appreciation to our extraordinary team and for all those who have stood by me and the brand," he explained.
The designer continued, "I owe a great deal of gratitude for their unwavering support for and dedication to the Company. I am grateful to the team who lent their incomparable talent and commitment along the way. I remain incredibly proud of what we created and hopeful for the future."
Notable leaders in the fashion industry also took to social media in support of the acclaimed creative, with Nina Garcia addressing the impact he's had on American fashion.
"He is truly a gifted designer. You only have to wear one of his gowns once to understand the transformative nature of his work. The craft is in not only his design, but in the fit and the elegance; in the joy Zac spreads to whatever he touches," the Elle editor-in-chief wrote.