Heatherette Not Done ... Yet

Oct. 27 2008, Published 7:07 a.m. ET

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DIE, AIDS! A topper from the previous Tulips & Panses: The Headdress Affair Rumors of the demise of downtown fashion label Heatherette may have been slightly exaggerated. Former in-house publicist Lysee Webb, who is now with Paper magazine, tells us that designers Richie Rich and Traver Rains did indeed "amicably" part ways with their financial backers at the Weisfeld Group, but are now "close to signing a very exciting deal with a new investor." She declined to name the new investor, but said that negotiations thus far have been "encouraging." If things go to plan (a big if), Heatherette may even be back causing mayhem in the Bryant Park tents next September.

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