Who has helped transform a "dowdy" section of Fifth Avenue into a soon-to-be wonderland of fashionable exclusivity? Diddy, aka Puff Daddy, aka Sean Combs, of course. His burgeoning Sean Jean retailer has upped the status of 500 Fifth--a building that is now forcing out its less trendy retail tenants in order to serve its growing upscale clientele.

Weld Wheel Industries, a leading maker of high-performance automotive wheels, on Thursday sought Chapter 11 bankruptcy protection from creditors and said it plans to sell its assets.

The decades-old family-owned business said it lost $1.1 million in the first six months of this year on net sales of $21.8 million. The abbreviated bankruptcy petition did not break down Weld Wheel’s debts, but other court documents stated the company has total assets of $31.6 million. ...

Last year, Weld Wheel teamed up with hip-hop musician Sean “P. Diddy” Combs to produce a new line of custom, precision-forged aluminum rims for sports trucks, luxury SUVs and other high-end vehicles. The 50-50 joint venture with Combs’ Bad Boy Worldwide Entertainment Group produces and sells “Sean John Wheels,” which retail for from $700 to $3,000 each.

TIME: You were under contract with P-Diddy to do some modeling. Are you going to continue with that?

WADE: Naw, I'm not going to do any of that coming up. Me and P-Diddy have a great relationship. He comes to the games and shows support so I'll always show support for him. That was kind of a one-year thing. But of course I'm gonna still wear nothing but Sean John gear when I'm off the court because they continue to send it to me.

No stranger to topping the charts with No. 1 albums, Sean "Diddy" Combs' Unforgivable has become the top-selling fragrance since its release in February.

Estee Lauder, who partnered with Diddy to launch the fragrance, says Unforgivable is the best cologne to come out in years.

The decision to halt the "Sean by Sean Combs" line comes on the heels of a licensing agreement that Combs' company, Sean John, signed with the G-III Apparel Group to manufacture a less expensive line of women's clothes.

Ward Rhobe Management Corporation has secured the Sean John tailored clothing collection, by entertainment and fashion mogul, Sean “Diddy” Combs, for the male broadcast talent who will be seen by millions during the upcoming broadcast of the NCAA Division I Men’s Basketball Championship on broadcast exclusively by CBS Sports.

The new partnership with Sean John will tip off for the NCAA Men’s Basketball Tournament on Thursday, March 16, 2006 with the in-studio team, Greg Gumbel, Seth Davis and Clark Kellogg wearing suits, ties and shirts from the current collection. The play-by-play announcers and analysts who will be at different venues across the country include legendary sports announcers, Dick Enberg, Jim Nantz, Billy Packer, Bill Raftery, Len Elmore, Gus Johnson and Verne Lundquist will wear blazers, shirts and ties by Sean John.