News__ BANKRUPT BETSEY

May 01, 2012 | By

Betsey Johnson closes up shop

It's been a long haul for Betsey Johnson. The 69-year-old designer--who looks amazing for her age and stress levels, might we add--has filed for bankruptcy after decades of success. Johnson was a huge part of Warhol's Youthquaker movement, was induced into the Fashion Walk of Fame, and created an empire of cute. Her feminine and over-the-top designs have even changed the way we see the color pink. Although Johnson will remain the creative director for certain factions of the brand, the filing for bankruptcy will result in the loss of 350 jobs.

An insider source told Elle multiple in-house and freelance employees had been laid off in the last month while investors came in and out, but things crumbled quickly in the last few weeks. "“Betsey was there and though everyone was trying to remain positive as investors were still coming through, she said. ‘I’m going to be really upset when people who recognize me on the street start asking—Bestsey, what happened, what went wrong?" Johnson held a farewell party for her company complete with champagne and cupcakes, a true Betsey good-bye.

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