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26-04-2012
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Betsey Johnson Files For Bankruptcy, 63 Stores to Close
Quote:
Fashion designer Betsey Johnson's company filed for bankruptcy protection Thursday night in New York, following poor performance in its chain of retail stores.

The Chapter 11 filing by Betsey Johnson LLC will see most of the chain's 63 stores close, a person familiar with the matter said. Steven Madden Ltd., which owns the Betsey Johnson license, likely will keep four or five flagships in New York City and a few other cities, the person said.

The company employs about 400 people. Its largest creditors include Haskell Jewels, American Express and FedEx Corp., according to the filing.
wsj.com

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i don't know her. claudia schiffer doesn't know her. she was never in paris, we don't know her.
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26-04-2012
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Quote:
Betsey Johnson LLC, the licensee that operates Betsey Johnson’s 63 freestanding stores, women’s apparel and e-commerce, has filed for Chapter 11 bankruptcy, WWD is reporting. Most of the 63 stores will close within the next few week and 350 employees are expected to be let go.

Betsey Johnson herself will stay on as creative director to design the brand’s lower priced Betsey Johnson line, sold in Macy’s and other mass retailers, as well as oversee accessories and other licenses. “I love the moderate price range,” she told WWD. “It is in synch with all the girls who are buying my clothes.”

Jonathan Friedman, Betsey Johnson’s CFO, issued the following statement:

"The decision to seek protection under chapter 11 comes after months of rigorously pursuing alternative restructuring arrangements to address Betsey Johnson LLC’s cash flow problems. After exhausting our resources and possibilities, it became apparent that neither a restructuring arrangement with a new equity investor nor a sale of the business enterprise as a going concern outside of bankruptcy was to be forthcoming. Accordingly, our board made the determination that a Chapter 11 store closing process will likely be the best way to maximize the value of the company’s assets, for the benefit of its creditors."

Betsey Johnson is one of the most beloved personalities in the fashion industry. Despite being nearly 70, she never fails to do a cartwheel on the catwalk at the close of her shows–which are always pure fun, just like her. She always lands on her feet after those cartwheels and we hope that she–and her employees–will now.
fashionista

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i don't know her. claudia schiffer doesn't know her. she was never in paris, we don't know her.
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27-04-2012
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OMG! I didn't know her business were doing so bad!

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27-04-2012
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Oh no, that's awful, 350 people losing their job. I didn't even know she had so many stores and that her business was doing badly financially. I alway assumed it was doing ok since I kind of thought every girl in the US wore her dresses to prom I always enjoyed her runway shows even though her designs are not my cup of tea at all. What a shame.

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27-04-2012
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She's been having financial problems for years and she was set to close about 3 years ago but they managed to keep the company going for a while longer. It's sad because she's really quite iconic. I love the whimsical personality she puts in her clothes, and I've always somewhat preferred her to Sonia Rykiel.

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27-04-2012
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I wasn't keen on her designs either, but she shook NYFW up a bit with her shows. I don't know her shops though. did she do only clothes? were there accessories? it seems like a lack of accessories and perfume line are what usually close a label.

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27-04-2012
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^ She definitely had a good amount of accessories and fragrances. My mother always shops at her stores and owns a good amount of handbags and wallets. And her glasses line is very popular here.

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27-04-2012
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Definitely iconic - she's been around since the 60s, even Edie Sedgwick modelled her clothing back then. Too bad: for her, her staff and her customers.

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28-04-2012
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Shes iconic for sure, but her brand doesn't evolve with the times. The same stuff that she sells now is the same stuff she sold 10 years ago. What would her clients' motivation be to continue to buy something new if they already have it? And her style isn't current with trends so it's hard to get new clients.

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28-04-2012
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Wow, I had no idea things were not going so well for her, I wonder if her stores in Canada will close ?

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28-04-2012
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The only surprise is that they made it that long - Cindy Lauper`s 80s style went out of fashion 20 years ago...

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28-04-2012
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Her store in my mall is always empty.

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28-04-2012
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figured this would happen

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28-04-2012
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Quote:
Originally Posted by Heroin_Chic View Post
The only surprise is that they made it that long - Cindy Lauper`s 80s style went out of fashion 20 years ago...
Really? I don't think it ever left, and what's more interesting is that nowadays that particular look seems to be coming back. I see a lot of people (girls and boys) wearing fluorescent colours, oversized accessories and loads of hideous prints. I think it's do more with the lack of diversity of the brand. Things got rather repetitive near the end.

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28-04-2012
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^I agree but then again you cannot open many retail stores all over the place. It should be in prime areas that have diverse style (granted everywhere does) but major cities, Japan, Paris, NYC etc

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