A lifestyle of lavish spending takes its toll overtime as a person has to dig deeper into their pockets to find cash. After awhile, a person will pull out empty pockets as popular Hip-Hop clothing line businessman Marc Ecko had been forced to give up his enterprise.
Initial reports came in September and were made official Tuesday when Ecko signed over a 51 percent interest in the Marc Ecko brand to Iconix. This brand is a New York-based company that owns many popular fashion brands such as Joe Boxer, Candie's, Rocawear and London Fog.
The exchange with Iconix will see Ecko receiving 63.5 million in cash plus $90 million in financing for a newly formed joint business venture. He will also maintain his position as chief creative officer.
Ecko must have been acting in desperation as he was forced to lay off workers and even auction his Avirex brand and his watch trademarks in order to avoid creditors from breathing down his neck. He is still going through struggles, however, as he is still attempting to lease out pieces of his headquarters in Midtown, which houses everything from a recording studio to a basketball court. The headquarters is 280,000- square-feet in size.
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