Times are tough, and it seems the recession just keeps hitting the fashion industry harder and harder. Betsey Johnson wasn’t the only high fashion designer in financial trouble; it’s been reported that Marithé + François Girbaud have also filed for the French equivalent of Chapter 11 for their high-end designs.

According to WWD, it has been said that representatives of the French brand were at court last Thursday where they were trying to extend the observation period as an opportunity for potential buyers to step in and save the day. No details on this matter have been presented yet, however, there is one prospect among buyers that is whispered to be interested in the brand: Indian weaver Fibres & Fabrics.

Although the company is going through a rough patch, that isn’t stopping them from celebrating their 40 year bench mark of maintaining status in the fashion scene. The Parisian store first came to be in the early 1970’s where it grew in popularity during the mid-80’s and became well-known for the notorious denim trend during that time period: stone wash jeans. As a little celebratory treat for their hard work and successwe, the company will be coming out with a book in both French and English this coming fall, as well as an exhibition in Saint-Etienne at the Museum of Art and Industry called “L’Autre Jean.”

Stay tuned as we will be finding out more within the next few weeks!