According to the NY Times (read full story here), Christian Lacroix, the French Designer, has been affected by the recession. I feel so bad for these designers. Major financial crisis has turbinated the fashion world. High Couture designers are forced to become “ready-to-wear” designers, or design for the likes of Target, Kohls, Walmart – which is what mainstream America can afford.
The article reported that Lacroix filed for bankruptcy protection in Paris, which is similar to the Chapter 11 bankruptcy protection here in the US. This suit will decide the company’s future – Whether to restructure or liquidate.