Betsey Johnson may be bankrupt, But don’t Count our fashion Goddess out!
By now most of us in the fashion world and most of all Betsey Johnson ubber fans have heard the devastating news of Betsey Johnson filing chapter 11. First response? Shock… Second response severe and needing medical attention Sadness… Third Response….. What in the world happened? and then Shock and panic. Well Im here to tell you there is some light at the end of this Fashion Runway of Darkness.
More than cloths and much more than just style. Betsey Johnson is to much of us like a religion. So here is what I am finding being reported on the future of Betsey Johnson, The Brand and the New Direction of the Fashion icon we have all come to know and love…...
Betsey Johnson’s company sent the fashion world into a tizzy on Thursday, having filed for bankruptcy. But not to fret—the party is far from over for the legendarily perky designer. Despite having to close 63 freestanding stores, Johnson will stay on as creative director for the brand focusing on sportswear and her moderately priced line, among other projects.
Well, we wish we could say we didn’t see this coming, but the company was in deep water after a $48 million loan evasion that resulted in a bail out by Steve Madden (Steve Madden Ltd. owns intellectual property rights to the company). The Wall Street Journal explains that the brand’s luxe prices are simply not affordable to its younger demographic and could not compete with lower-priced retailers (H&M, Topshop) targeting the same customer base.
But hold back your tears, because here’s a bit of good news: a few flagship stores will remain open in Manhattan and a few other cities. Saks Fifth Avenue, Bloomingdale’s and Nordstrom will continue to carry the collection. Johnson also plans to hold a runway show during Fashion Week in September to promote her more affordable frocks. “I love the moderate price range,” she told WWD. “It is in synch with all the girls who are buying my clothes.”
The 70-year-old will also be cartwheeling onto—what else—reality television. The show, Betsey + Lulu, is set to air this July and will star the designer and her daughter. She will also put her nose to work releasing two more fragrances to follow up last year’s release of Too Too.
This seems like only a minor setback for the resilient designer. With so many projects at hand, we’re sure her rock ‘n’ roll, eccentric aesthetic is sure to stick around.
You can expect store-closing sales to start happening after a company auction on May 8, and they will last through July.
THEY SAID:
Fashionista: “So while this is a setback for the brand, Betsey Johnson is very much still here. Thank goodness.” [Fashionista]
Huffington Post: “WWD now reports that Johnson still plans on staging a runway show this September. All together now: yay!” [Huffington Post]
WE SAID:
Randi Bergman, online editor: “While this news is certainly sad, I can’t say I’m surprised. The label is indeed too pricey for what the market has become and special dresses don’t just come with one type of price tag anymore. I remember dreaming about wearing a Betsey Johnson dress to my prom, but my mom just wouldn’t bite”
I myself would like to wish her the best of everything and hope she will be in our lives designing and inspiring us all to be more than we are. I look forward to her next adventure in life and to watch her as a success in the land of reality TV as well as her new moderately priced line. As such an inspiration in my life I mourn the loss of walking into the Betsey Johnson Stores and oooing and awing over the next collection she has invented for us all to partake in.
Number 1 she lives on to design a more moderately priced product and the RUNWAY SHOW is a GO
Number 2 she will be seen in a few flagship stores and hopefully have some of the higher end designs we need like we need to breath
Number 3 a real life reality show to start in July which she says will be to inspire fashion and style
Number 4 she is not going away ~ per her twitter @XOBetseyJohnson on Friday April 27 “I love my brand I love my fans and I’m not going anywhere! As creative director, its full speed ahead. Thanks beyond and beyond! xox Betsey”
NOUGH SAID?
A true sad day for us all… But hopefully a wonderful new chapter in her life. Love and Kisses to her and her family. Jennifer
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