Betsey Johnson Filed for Bankruptcy

Catwalk cartwheel queen Betsey Johnson may not feel much like doing gymnastics these days with the announcement that Betsey Johnson LLC, the designer's licensing company, filed for Chapter 11 bankruptcy.

A spokesperson at Betsey Johnson has confirmed that the 34-year-old fashion line has filed for bankruptcy protection.

The filing will, likely, result in the dismissal of 350 employees and the closure of most of the brand’s 63 stores.

Steve Madden, who has owned the brand’s intellectual property rights since 2010, said in an email that the group will continue to support the Betsey Johnson brand and ensure existing orders will be produced and ship on time. Betsey Johnson clothing will still be sold at Saks Fifth Avenue, Bloomingdales and Nordstrom.