Beloved brand Band of Outsiders might soon be a thing of the past, according to several inside sources. Apparently the Los Angeles-based label is low on funds and has chosen not to produce its next collection, and as a result has laid off the majority of its staff and canceled all fall wholesale orders. The company was founded in 2004 by Scott Sternberg as a men’s tie and shirting company, and quickly developed a cult following for its quirky take on preppy classics. In 2013, the brand took its first outside investment and opened a first standalone store in Tokyo, and just last fall opened its first U.S. store on Wooster Street in New York. The brand has yet to confirm or deny reports, so we’ll be sure to update you as this story unfolds.