We knew something was amiss when Christian Lacroix showed his fall 2009 ready-to-wear collection in a Parisian parking lot. And then there was the rumored—but never consummated—deal to sell a stake in the business to mysterious Swiss buyers. Let the baroque/broke puns fly, because today the French fashion house announced that it is seeking protection from creditors (the transatlantic equivalent of filing for Chapter 11 bankruptcy). Known for its gilded gypsy gowns and iconic pouf skirts, Christian Lacroix has never turned a profit and last year hemorrhaged €10 million ($13.9 million). The house was purchased from Louis Vuitton Moet Hennessy in 2005 by the Falic Group, a Miami-based duty-free retailer with an ambitious restructuring scheme that was foiled by the global financial meltdown. Even with the business on the brink of financial collapse, the owners have pledged not to give up. According to Lacroix CEO Nicolas Topiol, “The company expects to emerge quickly from those proceedings and to continue developing the brand.”

Previously on UnBeige: