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Must Read: Aeropostale Files For Bankruptcy, Dakota Johnson & Colbert Take Shots and Talk Met Gala

Plus, Alexander Wang's first president steps down.

These are the stories making headlines in fashion this Wednesday.

Dakota Johnson and Stephen Colbert remember the Met Gala
On Tuesday night's "The Late Show With Stephen Colbert," Dakota Johnson and the host downed three shots of tequila and shared the most adorable talk show conversation in recent memory. (See video above.) Johnson threw a little shade at the previous night's Met Gala for taking away her lamb chops before she had a chance to finish them, while Colbert grilled her about Tilda Swinton ("She's full of love and information," says Johnson) and "Fifty Shades of Grey." The pair got drunker as the segment went on and it's completely delightful. {YouTube}

Aeropostale files for bankruptcy protection
Following in the footsteps of PacSun, teen retailer Aeropostale filed for Chapter 11 bankruptcy protection on Wednesday. It will finance operations during the expected six-month period with a $160-million loan from Crystal Financial LLC. The teen retailer is expected to close down 113 stores in the U.S. and all 41 in Canada. {Reuters}

Alexander Wang's  first president exits the brand
After six years as the first president of Alexander Wang, Rodrigo Bazan has stepped down from the role. Bazan oversaw the expansion of new product categories and the opening of 27 stores worldwide during his time with the company. He previously served as the Marc Jacobs's vice president and general manager for Europe, the Middle East and India. A successor will be named in the coming months. {WWD}

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Old Navy defends interracial ad
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