Sonia Rykiel has entered receivership, a process in which a legal custodian is appointed to control a company’s assets because it has no money. The label’s owners, French Heritage brands, is currently seeking a buyer.
WWD reports that a French commercial court has placed the fashion house into administration until June while it examines offers for the brand. In March, creative director Julie de Libran left Sonia Rykiel after five years. The designer later accused the brand of breach of contract, claiming that her departure announcement was without her input.