Last week, it seemed likely that Christian Lacroix would be purchased by Bernard Krief Consultants, who claimed to be the only contender.

Now, WWD and Fashion Week Daily both report that Krief's offer was rejected as "insufficient," but that a bid from Borletti might do the trick.

Borletti, an Italian group that owns department stores La Rinascente and Printemps, got a "serious" offer in just before yesterday's deadline passed. Two other unidentified bidders also made offers, but because they were for just one euro each, or about $1.45 US dollars, they were deemed "inconsistent" and weren't considered.

This September, a commercial court will consider the bids and make a ruling. Borletti's will be considered, of course, but there's also a possibility that the current owner, Florida-based Falic Group, will retain Lacroix and implement a restructuring plan that will cut the employee count from 124 to just 12.