A commercial court in Paris today (1 December) gave its approval to a restructuring plan proposed by Christian Lacroix's owners, the Falic Group, which entails the axing of around 100 posts out of a total of 120.

As had been in anticipated in recent weeks, the two takeover candidates, the nephew of the Sheikh of Ajman and Bernard Krief Consulting (BKC), the company rescue specialist, were unable to provide the financial guarantees of their bids requested by the court.

The restructuring plan put forward by the Falic group makes provision to retain roughly a dozen staff who will manage the licences for Christian Lacroix's range of accessories and perfumes - the company's haute couture and off-the peg garments activities being abandoned.

However, Lacroix's CEO,  Nicolas Topiol, said he had "not lost all hope of finding a takeover solution" alluding to the possibility that the bid from the UAE emirate could be revived at later date.