Here's what a rep for Urban Outfitters had to say this afternoon:
Many customers have brought to our attention one of the color names listed for our BDG Burnout Henley, and rightfully so. We screwed up, and are sincerely sorry. The burnout pattern on this shirt is comprised of two colors - one is an internally developed color we called "Obama Blue" and the other is "Black". Unfortunately our website database truncated this combination to read "Obama/Black." We should have caught the error, and apologize for offending anyone.
This makes sense, given that several commenters mentioned having seen "Obama Blue," on the site before. So: Not racism, just run-of-the-mill and arbitrary cashing in on our president's popularity!
In the meantime, Urban is far from alone. A tipster who works in retail sent along the following purchase order from a chain store she wouldn't reveal. (The item, she says, is black in color.) Could it be Burlington Coat Factory? Anyone?