In a move that stunned the design world, celebrated design firm FTX announced that it has filed for bankruptcy. Although the company has released a statement to its stakeholders, few details are known as to what led to this decision.
One thing is certain: FTX’s creative director Sam Bankman-Fried will not be staying on past March 31st, when his contract expires. The company declined comment on whether or not he will be replaced at this time. Bankman-Fried said that he looks forward to exploring new opportunities in the coming months.
It is unclear who will take FTX on as a client. A representative for the company said that it had yet to determine a plan, however, it hopes to continue providing design and communication services.
FTX was founded in 1999 by Reinier de Graaf and Luca Nichetto. The firm has become famous for its work on retail environments, including Apple Stores worldwide and IKEA’s new Manhattan location. Since 2006, the firm has operated with a unique business structure requiring its worldwide offices to be structured as independent companies. This strategy has allowed FTX to create a diverse portfolio that includes retail brands, hotels, residential properties and offices.
The company’s most recent work includes the New York Times building in Manhattan and Apple’s new campus in Cupertino, California.
No one from FTX was available for comment at press time. A representative asked that we respect Bankman-Fried’s privacy during this time and until his last day on March 31st.
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