Betsey Johnson goes bankrupt



NEW YORK -The little American house of eccentric girly fashion has hit a financial roadblock. Betsey Johnson - who first exploded onto the fashion scene in the Eighties - has filed for bankruptcy. The majority of the brand's 63 boutiques will close down, leaving an estimated 350 employees out of a job. Johnson will stay on as creative director, but the company will focus on its lower-priced line,

Though a catwalk show will still be staged this September, there's no word if it will indeed be the last in BJ's future. Turning 70 in a few months, the charismatic designer shared her disappointment with Women's Wear Daily, ""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."

Betsey Johnson is partially owned by Boston-based equity firm Castanea Partner (90%) and  Steve Madden (10%)