Sad, as Lacroix was the last house established under the formal couture rules: Christian Lacroix filed a petition for protection from creditors in a Paris court today, which will then decide whether to restructure or liquidate the company. Lacroix CEO Nicolas Topiol did not say how much was owed, but it is known that ready-to-wear sales for Fall 2009 were down 35 percent and losses for 2008 were about US$14 million on overall revenues of approximately US$42 million. Couture sales in 2008 were “flattish,” but far better than those for ready-to-wear. This throws the status Lacroix's Fall 2009 couture show in early July into question. A scaled-back couture presentation is "most likely". Some restructuring, including job cuts for some of the firm's 125 employees, is expected, but a sale of the company is also a possibility — Lacroix's owner, Falic Group, has been in advanced discussions with a group of Swiss investors.