Michelle Obama: Fashion's Last Great Hope

• Can Michelle Obama single-handedly save America's fashion industry? Here's hoping! [NYT]
• Following the horrific holiday season, Macy's says it plans to close 11 stores in nine states. [AP]
• Communist chic is in. And just in time for the collapse of the capitalist system, too! [NYT]
• William Rast, the brand backed by Justin Timberlake, will make its Bryant Park debut next month. JT will not be performing, though. [WWD]
• Peter Som and backer Creative Design Studios have parted ways. Because of the split (and the economy), a Som show during Fashion Week is not in the cards. [WWD]
• Eight designers you need to know in 2009. [Refinery29]
• Obedient Sons & Daughters is closing its doors. [Style.com]
New York magazine's fashion-centric biannual spinoff title, New York Look, has been discontinued. [WWD]