Teen Fashion Mogul and Heiress Files for Bankruptcy

Well it looks like the economy is having an effect on heiresses too! Paris Hilton’s BFF, fashion designer Kira Plastinina, has filed bankruptcy.

By Sharon Feiereisen

The Russian 16 year-old fashion designer Kira Plastinina, daughter of Sergei Plastinin who is the co-founder of Russia’s biggest dairy company, was hoping for success with her designs in the United States. Unfortunately things didn’t exactly pan-out. Now after abruptly closing all 12 of her Los Angeles and New York stores due to the economic climate, Bloomberg is reporting that they filed for bankruptcy seven months after opening the first U.S. Kira Plastinina store. The Los Angeles-based company sought protection from creditors while it liquidates and they listed $9.7 million in assets and $54.4 million in debt in papers filed December 31st in U.S. Bankruptcy court in Manhattan.

Plastinina — whose pink-heavy stores offer jeans, t-shirts, dresses, pants, shoes, and accessories — has 70 stores in Russia, 10 in Ukraine, and five in Kazakhstan which aren’t included in the Chapter 7 bankruptcy filing. She wrote on her MySpace page that she’s been “working really hard, and am very proud of myself for keeping my determination and being able to work and accomplish so much at my young age.” The company’s U.S. website shows most of the clothes at a 75 percent discount.

Article via TheFashionSpot