Yesterday we heard that Lagerfeld's laying off key employees, and now denim label Ksubi has gone into "administration," the Australian equivalent of Chapter 11 bankruptcy protection. The company--best known for acid washed super skinny jeans beloved by Rachel Bilson, LiLo, et al.--has had difficulty broadening its appeal. Its steep prices haven't helped. (Jeans start at $259.) The good news for Ksubi fans: The Australian government will most likely bail them out of this predicament. Ksubi's New York and Sydney stores will remain open while the government evaluates the brand's money making potential.
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Party Animals Crap All Over Ksubi's New Store in Australia
Animal party at the ghost shoppe from ksubi on Vimeo. more To celebrate the opening of their new "Ghost Shoppe" in Paddington, Australia, Aussie label
Betsey Johnson Files for Bankruptcy
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: