In a bid to revive its business, which shuttered in May and is currently in bankruptcy, Gen Art announced that several players have expressed interest in forming a partnership with the former arts nonprofit and its for-profit event production company. An alliance with a major entertainment marketing agency, media company, or online outfit could potentially bring back the brand, a victim of the recession, and its assets, including event properties such as its Fresh Faces in Fashion and Film Festival.

News reports have mentioned Gilt Groupe, IMG, United Entertainment Group, and Hachette Publications as companies interested in a partnership, investors that Gen Art C.E.O. and founder Ian Gerard hopes will help expand Gen Art's marketing reach through the use of digital platforms, web video, mobile applications, and even reality TV.

"We believe that there will be a second coming of Gen Art. The brand has too much value, credibility, and a loyal following among consumers and entertainment talent to just disappear," Gerard said in a press statement. "With such a demand for cultural entertainment of this variety, and the increased need for fostering talent in this challenging economic climate, we believe that a fresh vision for bringing the brand's mission to life will be a long-term solution."