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: