Following rumours last month that Band of Outsiders could be about to close for good after laying off many of its staff and confirming it would not be producing its Autumn/Winter 15 collection, Buro 24/7 Middle East can now confirm the sad news that the rumours were true.

Officially confirmed today, the super cool brand that Scott Sternberg founded will cease to exist, after he told WWD last week: "Nobody knows anything at this point but me, and I've been advised not to comment at this time."

It would appear that the problem here – as with many independent labels (just ask Kris Van Assche) – is money and funding. Band of Outsiders reportedly had one of its biggest ever orders for Autumn/Winter 15, but it could not fulfil them and Sternberg had simply run out of money.

In 2007, Band of Outsiders was one of the ten finalists for the Council of Fashion Designers of America (CFDA)/Vogue Fashion Fund award. In 2008 he received the CFDA's Swarovski Award for new menswear talent and a year later, in 2009, he received the CFDA's Menswear Designer of the Year award, sharing the prestigious title with Calvin Klein's Italo Zucchelli. 

As a source said: "He won two CFDA awards. If that's not sobering, you can achieve the highest level and still have challenges. It's rattling to everybody."

Some feel that the brand's price point was placed too high, such as Janki Lalani Gandhi, managing director of investment firm The Sage Group, who told WWD: “Band was probably positioned too high in terms of the average price point to help them build scale.” 

Take a look at some of Band of Outsiders' famous fans wearing the label for Instagram in the gallery below and stay tuned for what's next for Scott Sternberg...