France - Here at The Blay Report we have been following the Christian Lacroix saga and on Tuesday (Dec. 1) the saga of the bankrupt 22-year-old label comes to a sad end. A French court approved the restructuring plan submitted by Florida-based Falic group, the house’s current owners. Under this plan Lacroix’s couture, ready-to-wear, and retail operations will close down and only eleven employees of the 120 employed will stay on board with the label. In addition the licensing deals will be use to pay off the label’s debt. That is quite a restructuring plan, I tell you. Lacroix and his CEO have said they favored the sheikh’s offer of 100 millions to buy the label. Unfortunately the sheikh failed to submit financial guarantees on the court’s deadline. [Story: The Cut]
Kristina Bustos
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