Christian Lacroix and model at last year's F/W 09 Haute Couture Fashion Week. Photo: AFP/Getty Images

After Christian Lacroix sought protection from its creditors last week -- ironically, Lacroix himself is one of them, though he's obviously not going to sue his namesake company for the $1.7 million he is owed -- the commercial court in Paris held a closed-door hearing yesterday, as reported by WWD.

The fashion house was placed in a six-month period of administration, and according to a Lacroix spokeswoman, this will consist of observation and investigation. Whether the haute couture fashion fixture can afford to show later this month in Paris still hangs in the balance.

According to WWD, Lacroix has suffered losses of $14 million and sales have dropped to $42 million. Mostly to blame? The state of the economy. No surprise, there.

As StyleList previously reported, Christian Lacroix will give "200 percent" free of charge to keep the brand alive. Viva Lacroix!