Kellwood Co., the apparel marketer, which owns Baby Phat, Phat Farm, Sag

Kellwood Co., the apparel marketer, which owns Baby Phat, Phat Farm, Sag Harbor and XOXO brands, has a $140 million bond issue that matures Wednesday and has hired financial advisers to restructure its debt, The Wall Street Journal reported in its weekend edition.

Kellwood, led by President and Chief Executive Michael Kramer, tried to defer the bond payment by swamping it with bonds that mature in 2014 with sweetened terms, but Deutsche Bank, the largest bondholder, decided not to tender the offer, the Journal reported.

The company has about $500 million in debt and about in $800 million annual sales, according to the Journal.

Kimora Lee Simmons launched the Baby Phat fashion line. Her ex-husband, hip-hop mogul Russell Simmons started Phat Farm.

No more Phat Fashions? I find that hard to believe.