Following the recent announcement that Aquascutum has gone into administration, comes the troubling news that the company which owns Betsey Johnson boutiques has filed for bankruptcy. Most of the 63 stores will close within the next few weeks and 350 employees are expected to lose their jobs.
In a statement, Betsey Johnson’s CFO Jonathan Friedman said the company have spent months 'rigorously pursuing alternative restructuring arrangements to address Betsey Johnson LLC’s cash flow problems', but it became apparent that bankruptcy was their only option.
Despite the sad news, Betsey herself will stay on as creative director to design the brand’s lower priced line, which is sold in Macy’s and other department retailers, as well as oversee accessories and other licenses. 'I feel so sad for my store people and all my pink girls,' said the wacky designer who, at 70 years old, still manages to do splits on the catwalk. 'They live and die for me. But I need to be better. I really need to work well and be more efficient.'