Despite this week’s rescue attempts, Escada filed bankruptcy in a German court this morning.

The label, which was founded in 1978 has been better known as the target of the anti-fur movement than for its clothes these past few years. Aside from the red asymmetrical dress Katherine Heigl wore to the Oscars two years ago, and an occasional number on Demi Moore, it’s dropped largely out of the limelight which can’t help its cause when asking for financial salvation.

According to Bloomberg, the brand was once the largest women’s clothing brand in the world. Today, over 2,200 people will lose their jobs as a result of the bankruptcy and the company’s unlikely recovery.

While it’s difficult to watch such a formerly strong brand fail, we’re still impressed that so few high fashion labels have reached that point.

Flashing Lights: It’s not that we don’t love a good picture of Lindsay & co., it’s just that Giovanna & co. make for much better paparazzi shots. {Fashionologie}

OMG & LOL: Kelly Bensimon to W’s blog, “I love Navajo and I love the idea of taking Pocahontas out of the kayak and putting her into the disco. Everyone knows that she’s had enough in her little canoe and now she’s out and having fun in the disco.” Kelly Bensimon to StyleList, “The bad thing about Pocahontas is that she’s, like, in the kayaks. So I took her out of the kayak and into the disco so she could have a little fun.”{StyleList & Jezebel}

Ten Times Fast: Lucas Ossendrijver from Lanvin Homme is both hot and talented. Here are pictures of him, his studio, his team and the shop. {theSelby}

Is the New? Jewelry designers Pamela Love and Arielle de Pinto are staging their own presentations next month. Meanwhile, two of our favorites, Bliss Lau and Eddie Borgo are working on exciting designer collaborations. {Style}

On the heels of the likely last showing by Christian Lacroix last week at couture comes word that another design house might not see the end of the summer.

Things are also not looking so rosy over at Escada. The company is attempting to enter into a debt restructuring plan this week, but this is apparently the final effort in a long road to keep themselves in business.

Vogue UK (via a German newspaper) reports that if this plan doesn’t work, the company won’t be able to function after August.

While its demise may not bring the outcry and emotion in the fashion world that we saw with Lacroix, its terrible to see another line disappear.

Plus, there are sure to be some heartbroken celebrities.

Lydia Hearst may look like Strawberry Shortcake on the current cover of Missbehave, but she’s got something a little sexier happening soon:

The blonde-redhead is the newest face of Escada perfume.

We hear Miss Lydia will pose for the German luxury label in their latest slew of fragrances, which will probably be called “Tropical Sex” or “Evening Rush” or something.

She does look incredible in evening gowns - the very things that Escada is famous for making - and she’s got a killer face, so it seems like a good fit.

The only wonder is if she’ll sign her own perfume bottles the next time she’s at Sephora, where she was last year’s campaign face.