Oh say it ain’t so! New York City based fashion designed label Betsey Johnson LLC files for chapter 11 bankruptcy yesterday, citing declining sales and profitability. They also cite that the economy had a devastating impact on higher end fashion, and that they’ve been seeking offers to buy all or parts of it business. Basically they have not been able to find an investor to save them from all their debt.
In the filing, the company said sales at its retail stores have fallen more than 20 percent and profitability has more than halved since 2007. The chain sells a mix of rock-n-roll, bright funky neon colors and hippie-themed clothing, tutus, frills, cocktail dresses and accessories that are targeted for the younger hipster group.
Betsey Johnson LLC, which runs over 65 Betsey Johnson retail stores worldwide and also sells products to department store operators like Nordstrom Inc and Macy’s Inc. Unfortunately,while still in this crappy economy more then 300 people will lose their jobs as the chain closes its Betsey Johnson stores. When will it end?
Here are some of Betsey Johnson’s Spring 2012 line below
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