The famed Christian Lacroix fashion house filed for bankruptcy in Paris. Despite plans to continue operations, the company was unprofitable for years. Sales were down roughly 35 percent at Lacroix's two US stores.
The article linked above notes that Lacroix was the last formally established couturier, and that its loss is "immeasurable."
Britain is suffering from the economic downturn in similar fashion to the US. Music retailer Zavvi announced 22 store closings today, citing financial investment--and not consumer demand--as the driving force. Yesterday, retailer Marks & Spencer (similar to Macy's in the US) announced it was closing 27 stores and laying off staff; the century-old chain Woolworth's shut down all its operations this week after a final holiday-season sale. While this page is focused on America's retailers, similar stories are playing out daily across the pond.
French intimates producer and fashion distributor SIL Group is liquidating all its assets in obeyance of a court order. The company, which is owned by Eminence, another French firm, distributed brands such as Sonia Rykiel, Christian Lacroix, Cacharel, John Galliano and Kenzo. TD is still investigating the impact this will have on these brands' manufacturing and distribution.
Update: the full WWD report (linked above) notes that the brands mentioned above are all scrambling to find solutions for spring distribution, and are considering everything from new licensing deals to producing their own items. None of the brands are conceding spring sales at this point.
