The recession is hurting everyone, even the big leagues – designer Christian Lacroix has filed for bankruptcy.

The main reason for filing for bankruptcy is said to be “consequences of the global financial crisis which has sharply hurt the luxury goods industry”. Even celebrities and folks who live the lifestyles of the rich and famous are more reluctant to part with their money if they can avoid it, and that’s starting to affect a lot of people in the high end design industry. Lacroix reported a €10 million loss last year and has reported that his current ready-to-wear summer collection has seen a 35% drop.

It’s a little scary when even the big names with tons of money are filing for bankruptcy because of the current economy – it almost makes you wonder if anyone is safe when even deep pockets can’t keep up.