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It really seemed like of all the troubled fashion lines out there, Christian Lacroix was the most likely to come out of this OK, because there's got to be some value to be had from talent, history, and the fact that it's still fun to say, "Lacroix, darling" after 20 years. But WWD is reporting that both the Ajman sheikh and French turnaround firm Bernard Krief Consulting who jumped at the chance to rescue the faltering fashion house when it announced bankruptcy earlier this year have failed to provide financial guarantees for their re-launch plans by the deadline, which means the house is set to become just another licensing operation.
Plans by Florida's Falic Group, which owns 22 percent of the brand, have been approved to cut the Lacroix workforce from 110 to just 10 people, and to end all couture, ready-to-wear and retail operations. Licensing plans include men's tailored clothing, shirts, scarves, wedding dresses and perfume. We never thought we'd be able to use the phrase "fashion tragedy" unironically, but our hearts go out to Lacroix, all his employees and everyone involved in this hideous fiasco.
· Court Approves Lacroix Restructuring Plan [WWD, subscription required]