Diane Alter – AHN News Reporter
New York, NY, United States (AHN) – Storied U.S. fashion design house Betsey Johnson filed for bankruptcy protection late Friday.
The filing from the 34-year-old fashion line will result in the dismissal of 350 employees. In addition, most of the brand’s 63 stores will be shuttered.
Steve Madden, who has owned the brand’s intellectual property rights since 2010, noted in an email that the group will continue to support the Betsey Johnson brand and will make certain that existing orders will be filled and shipped on time.
Betsey Johnson clothing will continue to be sold at upscale retailers Saks Fifth Avenue, Bloomingdales and Nordstrom.
Madden wrote, “While this particular licensee may be closing, the Betsey Johnson brand is stronger than ever, with a thriving wholesale business across a range of product categories. As the owner of the Betsey Johnson brand, we at Steve Madden remain firmly committed to Betsy Johnson, the designer, her vision and our growing wholesale business, which is up 50 percent so far in 2012.”