Less than a year after opening a dozen boutiques around the United States, 16-year-old Russian heiress and fashion mogul Kira Plastinina may be forced to close every last one. “Difficulties were pegged to the declining fortunes of Plastinina’s father, Sergei Plastinin, a tycoon in the dairy and fruit business,” says WWD. But, the chain’s relative anonymity in the States, as well as the added impact of the recession, have likewise played a role in the brand’s lack of American success.

Combine all of the above with teenagers’ increasing frugality, and you’ve got a crumbling empire on your hands. A separate but entirely on-topic article that also ran in today’s WWD investigates the recession’s effect on the spending habits of a previously inexhaustible demographic. “Teens are being forced to cut their spending and become innovative when it comes to shopping and their wardrobes,” explains WWD. Meaning, they’re shopping for vintage instead of hitting Forever 21 or H&M, and they’re refusing to pay full-price (“unless it’s from Target”). Oh yeah, and just like me, "they can't wait for Topshop to open in Manhattan."