Betsey Johnson files for bankruptcy

A spokesperson at Betsey Johnson has confirmed that the 34-year-old fashion

line has filed for bankruptcy protection.

The filing will, likely, result in the dismissal of 350 employees and the closure of most of the brand’s 63 stores.

Steve Madden, who has owned the brand’s intellectual property rights since 2010, said in an email that the group will continue to support the Betsey Johnson brand and ensure existing orders will be produced and ship on time. Betsey Johnson clothing will still be sold at Saks Fifth Avenue, Bloomingdales and Nordstrom.

“While this particular licensee may be closing, the Betsey Johnson brand is stronger than ever, with a thriving wholesale business across a range of product categories,” Madden said. “As the owners of the Betsey Johnson brand, we at Steve Madden remain firmly committed to Betsey Johnson – the designer, her vision and our growing wholesale business – which is up over 50 percent so far for 2012.”