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Thursday, November 19, 2009
French court postpones the fashion house's ruling of new ownership to December 1.
World Wide Web - Poor Christian Lacroix. Just when he can breathe a sigh of relief that his fashion house has been saved from its financial troubles, the Paris Commerce Court postpones the decision on the future of his house to Dec. 1. Why? Well according to judicial administrator Regis Valliot, the Ajman sheikh, who offered $100 million in October to rescue the house from bankruptcy, "could not show the documentation certifying the funds needed for the acquisition were available" before the tribunal. Valliot added that if by the Dec. 1 deadline the sheikh doesn't show proper financial documentations, the restructuring plan submitted by Falic family, Lacroix's current owners, will be implemented. The Falics signed an agreement with French turnaround specialist Bernard Krief Consulting to partner up on the licensing of the house. Krief then would have control over couture, ready-to-wear and jewelry. He also plans to open up to 200 boutiques in five years. As for Lacroix the designer, he has been invited "to be the creative leader" of the new company under Krief's control. Lacroix's CEO Nicolas Tropial and Lacroix, himself, both prefer the sheikh's offer. [Story: Fashionologie/Reuters]