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Betsey Johnson Files For Bankruptcy!

| Filed under: Fashion SmashionLegal MattersBusiness BlitzBetsey JohnsonMacy'sSteve MaddenReality TV

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Whaaaaa???

Betsey Johnson sent the fashion world into a tizzy on Thursday when news broke that her licensee filed for Chapter 11 bankruptcy.

As a result of the filing, a majority of BJ's 63 stores will shutter starting next month and more than 350 employees are expected to lose their jobs.

Yikes!

Betsey said on Thursday:

"I feel so sad for my store people and all my pink girls. They live and die for me. But I need to be better. I really need to work well and be more efficient."

We wish we could say we didn't see this coming, but after defaulting on a $48 million loan and being bailed out by Steve Madden it's not that shocking.

Despite the major changes, the cartwheeling designer will remain as the brand's creative director, with her primary focus being on the moderately-priced Betsey Johnson line sold at Macy’s.

Betsey also plans to hold a runway show during fashion week in September to show off the affordable frocks under the new BJ "vision".

Sounds like a good plan to us and we certainly hope it works!

Now only one question remains: will any of this be shown on her upcoming reality show!?!?

[Image via Chris Connor/WENN.]

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