Yesterday Phi announced it was shutting down due to the Great Recession’s economic climate.  Most of you probably don’t know of Phi, the high-end luxury label founded by Susan Dell, wife of Dell founder and CEO Michael Dell.

I remember admiring Phi’s architecturally sleek, sexy and tough designs when we used a dress and those booties on the left for a photo shoot I worked on.  Several celebs and fashion editors revered and wore the label, which was founded in 2003.  Apparently critical acclaim didn’t translate into sales for the company, and the recession got the best of them.

It doesn’t surprise me, considering most could never afford the clothes (the boots retailed for $995), especially not those out of job.  Fashionistas everywhere are in mourning.  Hopefully the label will come back in another incarnation in the future.

(See the a photo from the shoot I used those shoes in after the jump)