Designer favored by Obama closes

The signs of Maria Pinto's rise were clear when Michelle Obama entered the world stage wearing her designs, also favored by Oprah Winfrey.

Today the signs on Pinto's Chicago shop say something different: "Closeout." "Final Sale."

Pinto is closing her Chicago boutique with a liquidation sale through Saturday offering discounts of up to 70 percent on her clothing, some of which is priced at thousands of dollars per piece.

The designer blames a poor economy, but the closing also may call into a question the notion that a fashionable first lady could single-handedly save an on-the-verge designer.

Having celebrity clients is …