Thursday, July 16, 2009
Style A blemish on Chicago's fashion scene
Posted by Heather Kenny on 07.16.09 at 06:34 PM
The owners—or, it seems, former owners— of Jake probably aren't very happy about today's rather juicy story in the New York Times. First off, it starts with the obligatory Times flyover dis, calling them "beefy Midwesterners."
Second, it's about how several designers charge that they haven't been paid for deliveries of merchandise—in some cases for several seasons' worth. Among the designers complaining is Vogue favorite Doo-Ri Chung, who says she considered the owners friends.
It's standard procedure for designers to send orders to retailers and receive payment later. Unfortunately, this doesn't leave them with much recourse if a store can't pay—and that can be devastating, especially for smaller concerns, which are just the type of labels that Jake liked to work with. Designers like Chung may see their clothes featured in major magazines, but their companies are still small enough to suffer tremendously from such a hit—in many cases they are relying on sales to help them pay for fabric and other materials.
This is a very different kind of attention for Jake, which has gotten lots of fawning press from the national fashion media—pretty rare for a Chicago boutique that's not called Ikram. Owners Lance Lawson and Jim Wetzel apparently started having money problems last fall; according to the Times the store is now owned by an investment company.
Comments (7)
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I used to work for them, the NYT article is completely true. They are corrupt and it's about time they pay for their unethical behavior.
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GREED GREED GREED!!! Why doesn't anyone ask them about he million dollar house and the lavish lifestyle and then one only can wonder where all the stolen designers money has gone. The NYTimes article was all truth these 2 guys are Jim Ponzi and Lance Madoff.
Just now on Facebook, Jim Wetzel took a picture of himself holding up a "Payday" candybar with his beefy face behind it. What does that mean? I used to shop there, no more. Thank you NYT and Chicago Reader.
Your giving these guys too much credit by calling them Ponzi and Madoff...they lack the intellectual capacity to pull off something on that level. What you have here is typical low - life scum bag thieves. Eric Wilson from the New York Times didn't quite check his facts...it is Piggy Wetzel who wears the Breitling... Tubby Lawson wears an entry level Panerai and a large Cartier Santos. Im sure these time pieces were all bought with the hard work and sweat of the young designers whom they are defrauding...I am using the present tense because thats exactly what it is...a continuing effort! Piggy Lawson would like us to believe that this problem was exacerbated the collapse of the banking system in the fall... in reality the problems began way before that. Or did everyone forget the clients who were defrauded when they were made to prepay for trunk show items that were never received from spring summer 08? Piggy sure has a short memory! What you have here is a microcosm of economy at large. Its so easy to spend money when it's the banks money. Rooms at the Bowery in New York as Payroll Checks are bouncing and vendors aren't being paid... Paris fashion week... or what about the Hermes dinnerware at their home? Did everyone forget the Fox Chicago News piece with Mark Saxonmeyer, where Jim and Lance bragged about record profits in 08 and how they were not being affected by the economy at all? Again as vendors were calling and pleading for past due payments from 07. The lowest blow was delivered by both Jim and Lance when they defrauded the trust of their friends and business associates. The attorney general needs to step in... Since when is it legal to write bounced checks in large sums? Why would the bank make them write bad checks as Piggy claimed to the New York Times? Or was it Mia Cohen... the fictitiuos CFO of the company? And who are these financial institutions who are continuing to lend them money? Shortly we will all know the truth!
The Sun Times arrived late to the party with a follow-up story in Friday's paper. According to that story, the store has lowered its price-points ($300-$400 dresses instead of $1000 and up) and is doing better.
Never purchased anything from the store, though I live in the neighborhood. I sauntered in once but I guess, didn't look like I was capable of purchasing anything short of maybe a pair of socks.
I met Jim Wetzel in the 90's through mutual friends. He was such an ass clown! When Jake opened and started getting all the fabulous press, I scratched my head and wondered how someone so mean-spirited and filled with hubris could possibly run such a successful business. Now the truth is out! Be careful who you step on up the ladder, you may need their help on the way down.
Jim and Lance are horrible people. The only "friends" they have don't even like them. They have hurt so many people. I hope all of their loyal customers really think long and hard about their next trip to Jake. These boys have had custom BMW's shipped from Germany to Chicago, own a multi-million dollar home and frequently travel the globe. All the while shitting on their employees, screwing young designers and stepping on anyone they can. I hope your parents read all this press and realize what monsters they have created.
