Things are not looking good for Christian Lacroix. The Ajman sheikh who was close to closing a deal to buy the beleaguered label for 100 million euros failed to submit financial guarantees to the Paris court charged with determining the fate of the house. The papers were due last Thursday, but neither Hassan Bin Ali al-Naimi nor the Borletti Group — the front-runners so far in the bidding — submitted the necessary paperwork. And they're foreign, so Thanksgiving was no excuse.
Tomorrow, the court will rule on how to move forward. They could accept the restructuring plan submitted by the Falic group, which currently owns the label. Their dismal proposal includes keeping only eleven employees and paying off debts by way of licensing deals — so much for couture and ready-to-wear.
Because this is France and they care deeply about fashion and pretty things and the heritage of the Lacroix brand, administrators remain optimistic. The AFP reports:
[J]udicial administrator Regis Vaillot said: "It is not all over yet, anything could happen," predicting that new players could emerge in the next few months, while acknowledging that for the time being there was "no plan B".
He added that "serious" new bidders currently wary of tedious court procedures may emerge in the coming months. The court could turn down the Falic plan, though Vaillot said that would be "unlikely."
To think, the sheikh sounded like such a sure thing! As randomly as he swept in on his steed with his buckets of money and promises, brandishing grand plans for Lacroix yachts, palaces, and candlesticks in addition to apparel, he may just disappear.
Most Viewed Stories
I Tried Hillary Clinton’s Diet and Now I Sympathize With Her
Blake Lively Reportedly Just Gave Birth, and You’ll Never Guess Who’s Running to the Hospital
Brad Pitt Fights Back Against Angelina Jolie and Her Plot to ‘Destroy’ Him
Looks Like Kate Middleton Is Enjoying the View in Canada
Angelina Jolie Got Everything She Wanted in Temporary Divorce Deal With Brad Pitt
What It’s Like to Be a Female Reporter Covering Donald Trump
The Best Part of Being a Royal Is Getting to Pet Bunnies
The Mysterious Deaths of Two Sisters in a Luxury Hotel
22 Intimate Lost Photos of Marilyn Monroe
Megyn Kelly Roasts Trump’s Campaign Manager for Claiming He Doesn’t Make Sexist Comments
From Our Partners
Who What Wear
powered by PubExchange
The Cut’s Latest Fashion FeaturesCiara's Wedding Dress Was Too Big for the Chapel
To be fair, it was a 13 foot-long dress.You and Rihanna Will Both Want to Invest in Dior’s New Bag
It's got something for everyone.Polo Shirts Have Turned Their Back on Ryan Lochte
Along with his other major sponsors.Ryan Lochte Will No Longer Be Paid to Wear Tiny Bathing Suits
Speedo remains committed to transparency.Laura Brown Is the New Editor-in-Chief of InStyle
After 11 years at Harper’s Bazaar.Tyra Banks Is Going to Teach a Class on Smizing at Stanford
"If I see somebody not paying attention, I’m gonna call on them."This Floating Pier Is the Most Zen Installation Ever
Walking on water in Italy.Nation Is Appalled by Matt Lauer’s Nude Ankles During Ryan Lochte Interview
What’s the opposite of “Jeah”?8 People at the Life of Pablo Pop-up Explain Why Kanye West Is a God
"I mean, Kanye West is just Kanye West. There's not more or less you can say about Kanye West. He's just Mr. West!"A T-shirt Is Enough
Simplicity, versatility, and cool. What more could you want?
She took a perfect pencil dive off a 30-foot yacht.American Apparel Is Being Sued by Former Workers
As the company considers putting itself up for sale.A Gendered History of the Tailored Suit
From Marlon Brando to Coco Chanel.How Zendaya Developed Such Great Style at the Young Age of 19
The star's best looks from Disney to now.Proof That If You’re Chic Enough, a Little Federal Investigation Doesn’t Matter
Is this the best they could do?5,300-Year-Old Mummified Iceman Probably Would’ve Been a Street-Style Star
He had several different looks and was “pretty picky.”J.Crew Has Identified 226 Shades of Pink
Even more than there are shades of gray.Gigi and Bella Hadid Merch Is Now Somehow a Thing That Is Happening
Today in Hadidiana.Gird Your Loins for the Return of Yeezy to New York Fashion Week
The season approaches.This Indie Brand Had a Great Response to Ivanka Trump
When she bought one of their cuffs, they donated the proceeds to the Clinton campaign.