Sadly Christian Lacroix has been hit with yet another blow after failing to find a buyer. The Paris Court of Commerce approved a plan to reduce the troubled label to a licensing operation, thereby cutting its workforce from 100 to around a dozen employees.

The decision will also put an end to the designer's ready-to-wear and haute couture lines, as well as its retail operators (sob!) Following the hearing Nicolas Topiol, Lacroix's CEO, said he would continue to negotiate a sale with prospective buyers and find a way to restart the RTW and couture businesses under license.

"I am working on finding a solution for the company. Everything is still possible," he maintained. While chairman of Bernard Krief, Louis Petiet, added: "Christian Lacroix is a fantastic brand. It's frightening to think the haute couture and ready-to-wear could be shut down." Agreed!