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Sarah Jessica Parker, President & Chief Creative Officer Of Halston, Gets $3 Million To Leave The Failing Fashion Label

Fri, July 15, 2011 9:51am EDT by Katrina Mitzeliotis Add first Comment

A shocking new report claims SJP is leaving behind a contact that entitled her to approximately $10 over the next 3 1/2 years.

While it seemed like Sarah Jessica Parker was trying to brush her exit from the struggling fashion label Halston under the rug, all of the details are starting to emerge — and it isn’t pretty for the brand. The New York Post reports that the actress, who had ownership stake in the label, will get a $3 million payout — and an exit from the remainder of her contract, which entitled her to nearly $10 million over the next 3 1/2 years. A source tells the paper, “Sarah felt that she has the opportunity to do a lot more with herself, and make a lot more money in the process, if she goes elsewhere.”

Also making an exit is co-owner of Halston and film mogul Harvey Weinstein, who is selling his 10% stake in the brand for between $1-$1.5 million. “I was very interested in pursuing a diversified business model that went beyond entertainment, and my involvement in Halston reflected that,” he said. “But over the past year I realized that I wanted to concentrate my energies on entertainment.”

Apparently both Harvey and SJP clashed with Hilco Consumer Capital, the liquidation firm that took control of Halston in 2007 in a $25 million buyout — and behind the failed attempt to revive the label to its glory from the ’70s and ’80s, there were screaming matches and arguments. “They really couldn’t agree on too much — the management team, expenses, the company’s structure.”

The downfall was evident to everyone involved this spring, when Halston laid off practically the entire sales team. “Basically, this means they’re not selling anything, and they’re really not in business,” the source said. “They’re keeping it going so people believe there’s a body and not a corpse.”

Between her family and her career, SJP definitely has a full plate — but now that she left Halston, we hope she will turn her focus to another label! Do you agree?

Katrina Mitzeliotis

Get MORE on Sarah Jessica Parker Here!:

  1. Sarah Jessica Parker Quits Her Role As President & Chief Creative Officer Of Halston!
  2. Sarah Jessica Parker & Family Star In Vogue’s August Issue! See the Adorable Pics!
  3. Sarah Jessica Parker In ‘Vogue’: Addresses Fears Of Getting Older & Says, Carrie ‘Bradshaw’s life is nothing – nothing- like mine.”