Radar reports that gimmicky clothing line Heatherette, may or may not have gone out of business.

“The demise of Heatherette has been months in the making. The label actually canceled their fashion week show in February, though founder Traver Rains claimed at the time that he and partner Richie Rich were simply reorganizing the company and would be back in time for next fashion week. The reorganization was supposed to involve finding a new financial backer after Rich and Rains burned through the $6 million given to them by the Weisfeld Group, owner of urban streetwear outfit FUBU; a source tells Radar that the duo’s efforts were unsuccessful, and that Rains and Travers have now amicably parted ways.”

But in an up-date to that story, Heatherette’s former in-house publicist Lysee Webb, says that although designers Richie Rich and Traver Rains did indeed “amicably” part ways with their financial backers at the Weisfeld Group, they are now “close to signing a very exciting deal with a new investor.”

If things go according to plan (a big if), Heatherette may be heating up their glue guns and stapling together denim again come September.