Fashion designer Zac Posen
Fashion designer Zac PosenEfren Landaos/SOPA Images/LightRocket via Getty Images

Fashion designer Zac Posen is shutting down his fashion label.

House of Z and Z Spoke, which owns Posen’s company, announced Friday that the company is halting all business operations.

“The board made a difficult decision,” Posen told WWD on Friday. “We were in a sale process and we ran out of time.” Posen called the move “surprising and immediate.”

“My partners and I tried everything possible within our means to find solutions to keep it going. I have been trying to find the right strategic partners at this tough time in retail and in the industry. The clock ran out,” he also said.

Posen founded the company in 2001 at the age of 20.

The spring collection Posen showed in September will not be shipped, WWD reported.

Posen is most known for event dressing, especially stars on the red carpet. “We have dressed everybody, from the biggest stars to emerging talents to royalty. I feel really fortunate to have made clothes they responded to,” he said.

Among those who have worn his event designs are: Oprah, Michelle Obama, Rihanna, Gwyneth Paltrow, Naomi Watts, Uma Thurman, Jennifer Lopez, Beyonce, and Claire Danes.

“I want to express my appreciation to our extraordinary team and for all those who have stood by me and the brand. 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. Love ZP,” Posen said in an Instagram post.