Another one is biting the dust and this time it may affect Kimora Lee Simmon’s empire.

Kellwood Co., one of the largest apparel manufacturers in the U.S., could be forced to file for bankruptcy soon, after it failed to reach an agreement with its bondholders, people familiar with the matter said.

The St. Louis-based company, which employs roughly 2,000 people and owns such popular clothing brands as Phat Farm, Sag Harbor and Vince, was taken private in February 2008 by buyout firm Sun Capital Partners for $542 million.

The twin effects of a heavy debt load and a sharp drop in consumer spending have crushed the company’s financial results.

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