16-Year-Old Fashion Designer Files for Bankruptcy

Kira Plastinina took the world by storm when she arrived in the fashion world. The designs for her youthful and contemporary clothing and accessories made her famous. And so did the fact that she was only 16 years old. But now, the fashion prodigy's Los Angeles-based company, KP Fashion Co., is filing for bankruptcy.

According to the Wall Street Journal, the company filed for Chapter 7 bankruptcy in the U.S. bankruptcy court in Manhattan, citing more than $54 million in debts owed to more than 100 creditors including AT&T, the Santa Monica Police Department, and many various fashion firms.

The Wall Street Journal goes on to say that the news of the company's financial woes first surfaced about a month ago when KP Fashion announced that they would be closing most of their 12 U.S. stores.

Items from Ms. Plastinina's collections continue to be sold on her label's U.S. Web site, www.kiraplastinina.us, at marked down prices.