Christian Lacroix’s design flair and rich colors made his gowns the toast of the Paris runways but his brand is having a near-death experience at the hands of Aventura investors.

To be fair, Lacroix hadn’t turned a profit in the company’s 20-plus years in business. And The Falic Group – CEO Simon Falic along with brothers Jerome and Leon -- invested over $300 million in Lacroix in the four years since it bought the brand from luxury-goods giant LVMH. The Falics, who made their money running Duty Free Americas shops, run their operation from 19495 Biscayne Blvd. in Aventura. They thought they’d seen a chance at a healthy profit owning one of the marquee brands their shops sold. But the recession had other plans.

Lawyers for The Falic Group told a Paris bankruptcy court Tuesday that it plans to end its clothing lines, both haute couture and ready-to-wear. It will move forward by licensing the Lacroix name on perfumes and accessories like handbags and bed linens. It will slash its payroll from 124 to 12 and refinance its $20 million debt over 10 years.

The fashion world, never fans of the Falics, had speculated that another French design house or perhaps Dubai investors would step in and save Lacroix, but no such bid materialized. Back in July, The New York Times quoted Frederic Mitterrand, the French culture minister, saying the closing of Lacroix would be “a cultural disaster.”

Christian Lacroix left the firm in July after staging what apparently was the final Paris showing of the Lacroix brand.

Lawyers for The Falic Group said efforts to sell the Lacroix brand will continue.