Christian Lacroix in a Sea of Models at Paris Fashion Week Haute Couture S/S 2009. Photo: Eric Ryan, Getty Images

French fashion house Christian Lacroix has filed for legal protection from creditors, reports WWD -- which is the U.S. equivalent of filing Chapter 11 bankruptcy. Job cuts and a possible sale are potential scenarios to rescue the fanciful brand.

Lacroix's CEO said the company's sales dropped 35 percent for the fall/winter season, and WWD infers that trouble was looming when its most recent runway show took place in a Parisian parking garage.

Christian Lacroix intended to spend his life in a museum, studying to be a curator. His wife's influence directed him to the fashion world, where he hit his design stride in the 1980s -- some credit the him with reviving the couture market.

Unfortunately, this appears to be just the beginning. High-end houses are feeling the pain globally. Many American designers scaled back from costly runways shows to low-key presentations for Fashion Week last February. In addition, a portion of Roberto Cavalli's empire is crumbling: Italian manufacturing company Ittierre, Just Cavalli's licensee, also filed for legal protection from creditors in February.

We're pulling for Lacroix and his whimsical wears.