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No Holiday: Marc Jacobs, Robert Duffy Nix Party

Marc Jacobs and Robert Duffy have decided to cancel their annual holiday party, which was themed "Rock and Roll Circus."

Don't get your Rock and Roll outfit ready quite yet.

In light of the current economic climate, Marc Jacobs and Robert Duffy have decided to cancel their annual holiday party, which was themed "Rock and Roll Circus" and was to take place at the Rainbow Room on Dec. 10.

"Due to the financial climate, I had to make the decision to cancel the 2008 holiday party," Duffy said in an e-mail message that went out on Tuesday. "It pains me as this has been a Marc Jacobs tradition for the past 18 years. Hopefully it will be reinstated next year."