Yesterday we heard that Lagerfeld's laying off key employees, and now denim label Ksubi has gone into "administration," the Australian equivalent of Chapter 11 bankruptcy protection. The company--best known for acid washed super skinny jeans beloved by Rachel Bilson, LiLo, et al.--has had difficulty broadening its appeal. Its steep prices haven't helped. (Jeans start at $259.) The good news for Ksubi fans: The Australian government will most likely bail them out of this predicament. Ksubi's New York and Sydney stores will remain open while the government evaluates the brand's money making potential.