Popular New York fashion designer Betsey Johnson’s chain went bankrupt Thursday, and most of her 63 freestanding boutiques will close. From the NY Daily News:
The filing will likely result in the dismissal of 350 employees and the closure of most of the brand’s 63 stores. It listed “severe liquidity problems” and $4.1 million in outstanding unsecured obligations owed to vendors, manufacturers, service providers and other creditors including jewelers, watchmakers, banks and accountants. Steve Madden, who has owned the 34-year-old brand’s intellectual property rights since 2010, said in an email that the group will continue to support the company and ensure existing orders will be produced and ship on time.
Her clothing will continue to be sold Saks and other high-end stores.
Betsey Johnson graduated from Syracuse University and spoke at my graduation. I’ve always kept tabs on her success over the years having met her and having the S.U. connection.