Dozens of jobs will be lost in the restructure, which was approved by a court in Paris this week.
Christian Lacroix was founded in 1987 as a joint venture with luxury goods company LVMH. The label was sold to the Falic family in 2005 and put in administration in May. The Falic family owns Duty Free Americas, the retail group that specialises in selling at airports.
In order to save the business, the Falic family has come up with a plan to close down the haute couture and pret-a-porter side of the business and focus on licensing contracts for accessories and perfume.
At the moment, Lacroix sells a range of watches, handbags, shoes and four different fragrances.
The last haute couture show for the label was held in Paris in July. Lacroix's opulent style was synonymous with the 1980s, but even at the height of its popularity the company was never profitable.