A Paris bankruptcy court approved massive cutbacks for once-flourishing fashion house Christian Lacroix, which currently lost nearly all of its employees, with all of its shops headed for closure.

The company will now stop producing ready to wear lines after potential buyers of the company decided to pass on to the opportunity thus going beyond the deadline.

The popular label was noticeably absent during a Paris fashion show held last October after it was forced to file for bankruptcy due to the financial crisis being experienced worldwide.

Only 11 out of the 100 staff remaining will continue managing the remaining products of the company, including licenses to its products, including wedding dresses, wedding lingerie, perfumes and men’s clothes.

Company attorney Simon Tahar said that the court rejected the plans proposed by potential buyers.

The company was founded 22 years ago and was sold in 2005 to US duty-free company Falic.