REPORTMick Jagger’s Late Girlfriend L’Wren Scott’s Fashion Label to Close One Year After Her Death

Just a little more than one year after Mick Jagger‘s girlfriend, L’Wren Scott, tragically look her own life, the late designer’s fashion house is closing its doors.

According to a new report, L.S. Fashion — L’Wren’s luxury clothing brand — will go out of business in the coming months after facing years of financial trouble. The fashion house has allegedly accrued debts of $10.4 million.

“It’s very sad, but there is no longer the desire to keep it as a going concern. L’Wren would be turning in her grave,” a source told The Daily Mail of the label’s closing.

Mick and L’Wren in September 2013.

L’Wren emerged in the fashion world as a stylist in the early 1990s and later launched her first clothing collection, Little Black Dress, in 2006. Her designs were coveted by celebrities including Michelle Obama, Nicole Kidman and Penelope Cruz, among others.

RELATED: Mick Jagger Starts Fashion Scholarship in Memory of Late Love L’Wren Scott

The couturier met Mick, 71, in 2001 and the couple dated for 13 years before L’Wren sadly committed suicide in March 2014 at age 49.