InfoAnda - French Lacroix fashion house is put in administration

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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Asia Pacific World Search Search: French Lacroix fashion house is put in administration AFP - Wednesday, June 3 PARIS (AFP) - - French fashion house Christian Lacroix was placed under administration on Tuesday after filing for bankruptcy protection last week because of the global financial crisis, the company's lawyer told AFP. ADVERTISEMENT "A period of observation of six months has been decided and an administrator has been nominated," Simon Tahar said. The fashion house's US owners, Simon and Leon Falic, were at the hearing in a commercial court in Paris held behind closed doors. Christian Lacroix, which employs 125 people, declared insolvency last Thursday after falling foul of the global crisis. In a letter from Lacroix to his staff, the designer said last week: "I don't know what tomorrow will be made of, if indeed there is a tomorrow, but I will do everything to ensure we remain a couture house 200 percent." He said he had been designing without payment in recent months and that Christian Lacroix SNC owed him 1.2 million euros (1.7 million dollars). He also said that shareholder management at the company had been "catastrophic." Acquired from the world's leading luxury giant LVMH in 2005 by US duty free giant Falic, Christian Lacroix SNC said it had been forced to declare insolvency due to "the sharp downturn of the luxury market." The company said then it intended "to present a continuation plan" and "to maintain its business operations throughout the proceedings." Celebrated for his exuberant swathes of lace and embroidery, and fabrics in vibrant colours, Lacroix hit the catwalks more than 20 years ago with dramatic designs inspired by the costumes of his native Arles in southern France. Email Story IM Story Printable View Blog This Sign in to recommend this article » 0 users recommend Related Articles: Entertainment & Lifestyle Sony unveils new moves at E3AFP - Wednesday, June 3 Nintendo builds on winning formula at E3AFP - Wednesday, June 3 Disney signs up for more 'Hannah Montana'AFP - Wednesday, June 3 Winnie-the-Pooh floats back on screens in 2011AFP - Wednesday, June 3 Paris Hilton's TV hunt for pal to hit DubaiAFP - Wednesday, June 3 Enlarge Photo A model presents a creation by French designer Christian Lacroix during the autumn/winter 2009 ready-to-wear collection show in Paris, in March 2009. French fashion house Christian Lacroix was placed under administration on Tuesday after filing for bankruptcy protection last week because of the global financial crisis, the company's lawyer told AFP. Most Popular – Entertainment Viewed Last Titanic survivor dies in England Talent judge defends singing sensation Boyle Ancient eruption 'killed off world's sea life' Pandemic warnings as swine flu spreads to Africa General Motors files for bankruptcy View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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