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Friday, April 27, 2012

Betsey Johnson Declares Bankruptcy

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YES YOU ARE READING CORRECTLY!! I am in shock and almost didn't believe it when I first read it but its true... A spokesperson at Betsey Johnson has confirmed that the 34-year-old fashion line has filed for bankruptcy protection. According to sources: The filing will likely result in the dismissal of 350 employees and the closure of most of the brand’s 63 stores. Steve Madden, who has owned the brand’s intellectual property rights since 2010, said in an email that the group will continue to support the Betsey Johnson brand and ensure existing orders will be produced and ship on time. Betsey Johnson clothing will still be sold at Saks Fifth Avenue, Bloomingdales and Nordstrom.

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