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What a let down!
Things seemed hopeful that things over at Christian Lacroix were looking up.
However, the Ajman sheikh who placed a bid of 100 million euros to save the company didn't submit financial guarantees on time, unfortunately.
So now a French court has approved a plan by Florida's Falic group. The new plan will keep only eleven of the company's 120 employees and will use licensing deals (rather than collections) to pay off debt.
There is still some hope that another investor could come in to save the day, but as of now, the 22-year-old label will stay off the runways indefinitely.
Sad.
[Image via AP Images.]
Posted: December 1, 2009 at 11:30 am
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