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Posted April 27, 2012 at 12:44 pm - Permalink
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Betsey Johnson Files for Bankruptcy
Betsey Johnson LLC filed for bankruptcy protection on Thursday night in New York as a result of poor sales in its chain of retail stores. Most of the 63 Betsey Johnson stores will close in the next few weeks and 350 employees are expected to lose their jobs. Betsey, the nearly 70-year-old cartwheeling designer, will remain on board as creative director and will continue to design the lower priced Betsey Johnson line and will oversee accessories and other licenses.Betsey Johnson’s CFO, Jonathan Friedman, issued the following statement:
"The decision to seek protection under chapter 11 comes after months of rigorously pursuing alternative restructuring arrangements to address Betsey Johnson LLC’s cash flow problems. After exhausting our resources and possibilities, it became apparent that neither a restructuring arrangement with a new equity investor nor a sale of the business enterprise as a going concern outside of bankruptcy was to be forthcoming. Accordingly, our board made the determination that a Chapter 11 store closing process will likely be the best way to maximize the value of the company’s assets, for the benefit of its creditors."
Posted April 27, 2012 at 12:44 pm - Permalink
Tags: Betsey Johnson
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