Elite, one of the industry` s most recognized and respected model agencies, famous for representing models like Cindy Crawford, Claudia Schiffer and Naomi Campbell, is for sale. The company filed for Chapter 11 bankruptcy protection this year.

According to the New York Post, the agency never recovered financially after having to pay $4,7 million in damages to a former employee and other lawsuits brought against it by some of its former models. A partner in Carl Marks Capital Advisors Mark Claster, which has been hired to sell the company, said Elite is “the great brand”. "It has sex appeal. It's like a sports team - it will attract a certain kind of buyer." It has not been reported yet, who is the most likely buyer of Elite.