After falling into massive debt, shutting down operations, and being forced to auction off both its inventory and intellectual property, Band of Outsiders as we know it is probably gone forever. However, the brand will live on under Belgian fashion fund CLCC SA, WWD reports

CLCC listened to bids for the brand at the auction held last week, but none would have covered the $2.5 million of debt the fund was owed by BoO. Instead, CLCC has decided to keep the brand and continue to operate it and sell its merchandise, a source tells WWD.

Although it is not yet known who will creatively lead the brand in the future, CLCC is throwing its support behind it. "CLCC SA believes in the Band of Outsiders brand and will continue to market Band of Outsiders in the U.S. and overseas,” a spokesperson for CLCC said in a statement.