Monday, October 12, 2009

Bankruptcy, Never Nice!

"Two days after Nicole Phelps’ positive and curious review of Yohji Yamamoto’s spring collection, the house has filed for bankruptcy.

She wondered whether or not the designer was scaling back; he invited less people, kept the clothes commercial and put all of his avant-garde might into the hair and makeup instead of the pieces that need to sell in stores. Today it turns out she was right to worry.

Though the company’s debts total $67 million, Japan has a specific corporate rehabilitation law that’ll allow the company to continue functioning, and Yohji to continue designing, while dealing with the bankruptcy proceedings.

In other, much, much happier bankruptcy news, it sounds like Lacroix’s been rescued. Sheikh Al Hassan bin Ali Al-Nuami, the nephew of the emir of Ajman, presented his offer, which makes Lacroix a minority shareholder, to Paris’ commercial court and is expected to be a success. The court makes their final decision at the end of the month.

Fingers crossed Yamamoto gets a similar happy ending."

Courtesy of: Fashionistas

Yes, lets hope so! ::Keep Fingers Crossed::

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