Betsey Johnson Declares Bankruptcy

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Wacky fashion designer Betsey Johnson has been forced to file for bankruptcy after disappointing sales figures, and the majority of her 63 stores across the world will have to close their doors, and 350 staff will be fired.

Betsey will still play the role of creative director, and still plans to have a show during ‘Fashion Week‘ in September and will soon start shooting a reality show. She made the tough business decision with the help of fellow designer, Steve Madden.

It’s total assets were listed at $21.3 million, and in the paperwork for the filing they’ve stated that their sales have fallen more than 20%: “The economic recession had a devastating impact on higher-end fashion apparel brands, including ‘Betsey Johnson Fashions.'”

The lady herself reassured her thousands of followers today that she’s sticking around: “I love my brand I love my fans and I’m not going anywhere! As creative director, it’s full speed ahead. Thanks beyond and beyond! xox Betsey.”

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