Betsey Johnson cartwheels into Bankruptcy!

The leopard print-tutu-wearing-pink-princess’ licensee filed for Chapter 11 bankruptcy on Thursday.

Unfortunately for Betsey Johnson, as a result of the filing, 63 stores will lock their doors and fold their clothes one last time beginning next month. 

With stores closing, it can only mean that Betsey Johnson is saying 'hasta luego' to her employees.  More than 350 employees are expected to say good-bye to their jobs.

I guess that means no more frolicking around in pink tutus! :(

 

Betsey spoke out on the matter on Thursday:

"I feel so sad for my store people and all my pink girls. They live and die for me. But I need to be better. I really need to work well and be more efficient."

Even with the loss of over 350 employees, the original pink girl, Betsey Johnson will remain employed as creative director for the company.  She will now focus completely on her line sold at Macy’s, which is a lot more moderately priced than her line at her boutiques.

 

The iconic sequins, bold colors, and celebrity faces had been in danger of losing their popularity for quite some time now.  Footwear retailer Steve Madden bailed out Betsey Johnson in 2010 for a $48 million loan that defaulted. 

It was just a matter of time for the cartwheels to be over.

We wish you the best Betsey!