CHRISTIAN LACROIX REDUCED TO ELEVEN EMPLOYEES

This could only mean that a French court has approved Falic family’s restructuring plan.


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

THE CHRISTIAN LACROIX SAGA IS...STILL GOING

The Ajman sheikh who offered to buy the label for 100 million euros did not submit paperwork on time.

Paris - Last month it was reported that the Paris Commerce Court postponed the decision on the future of couture label Christian Lacroix to Dec. 1. The Ajman sheikh, who offered 100 million euros 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. Now the latest news on the Lacroix saga is that the sheikh failed to submit the paperworks to the Paris court on the due date, which was on last Thursday (Nov. 26). Tomorrow (Dec. 1) the court plans to rule on how to move forward, which means they could implement the restructuring plan submitted by the Falic family, Lacroix's current owners. [Story/Image: The Cut]

Kristina Bustos

THE CHRISTIAN LACROIX SAGA CONTINUES

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]

Kristina Bustos