Has Paper Denim & Cloth gone under?

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We got an email tip that Paper Denim & Cloth has gone under, and that several Paper Denim & Cloth employees and designers have told our source its true. Can anyone confirm? The site PaperDenim.com is down. We will post if we get confirmation, but so far, this seems to be pretty credible. Interesting because Earnest Sewn was created by the same designer and founder as Paper Denim & Cloth, and Earnest Sewn just got a new financial backer and are set to expand…did they kill Paper Denim off in the process?