Jean-Charles de Castelbajac, the label which brought us (and Lady Gaga) muppet fashion back in Autumn 2009, has gone into administration. The company entered receivership after its owner, The Sixth Swedish National Pension Fund decided to no longer invest in the fashion house. Earlier this month the designer revealed he was planning to buy a minority stake in the business, allowing him to return to ownership of the label he founded in1979.

"Court protection will allow me to regain ownership of the company and the brand in partnership with potential new investor partners with whom negotiations are currently taking place," he told

"I have a strong belief in the future of the brand and in the "affordable luxury" niche market we are focusing on. We hope to submit takeover proposals to the commercial court by end-June/July."

Castelbajac's designs have been well-loved by not only Gaga but also Katy Perry. I sure hope they stick around.