Yikes. We just received an email saying that Gen Art, the New York fashion entity that championed many of L.A.’s best designers from the get-go, is closing its doors.

Here’s the explanation, from Gen Art co-founders Ian & Stefan Gerard:

“After struggling for the past 18 months since the economic crisis, Gen Art has finally succumbed to the recession. During this challenging time we did everything in our power to adjust our business to these new business realities by cutting costs and seeking out alternative funding solutions. However when a major, new, corporate partnership unexpectedly collapsed a few weeks ago, we found ourselves without sufficient resources or time to overcome this sudden and substantial loss of revenue. The reality is that we had fiscally planned and relied upon the representations of this partner. Their decision had the unintended effect of pushing Gen Art over the edge. As of today we have halted all operations.”

Such bad news — particularly for the L.A. fashion scene, in which Gen Art played an integral part (after IMG pulled its shows out, they were the only national fashion organization showcasing local brands).

R.I.P. Gen Art. You will be missed.

Photo: Jeffrey Sebelia with model and Amber Rose at the last Gen Art event in L.A.