Betsey Johnson shop closure….:(

Gosh I cannot believe I am making a post about this. I actually have other posts lined up but I just had to break my blogging regime and tell you the sad news about Betsey Johnson. I’m not sure how much some of you may have heard about this but basically Betsey’s licensing company, Betsey Johnson LLC has filed for Chapter 11 bankruptcy. Almost all of the her 63 beautiful boutiques are expected to close (with a rumoured 4 to 5 remaining in big cities), with an estimated 350 staff members losing their jobs.

Betsey’s money problems have been highlighted for quite some time now, and in 2010 Steve Madden bought Betsey Johnson LLC's outstanding debt (which was reported to be a $48 million loan). Since buying Betsey Johnson, Steve Madden has control over the label. Madden has lately claimed that "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…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."

It is believed that the majority of her stores will now close within a matter of weeks, some in months, however stores will continue carrying Betsey Johnson clothing such as Saks Fifth Avenue, Bloomingdales and Nordstom's. Betsey Johnson, understandly upset, has since released a statement: "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." Always looking to the bright side, Betsey is ready to move forward, "I love our brand!" she said in a press statement, and that "as creative director, it's full speed ahead at Betsey."

A major problem seems to lie in the fact that Betsey’s luxury prices but younger customer base lost out against lower-priced retailers who also cater to that demographic but at much lower prices. Betsey herself recognises this and has said that, “the competition, the H&Ms, Topshop, Century 21 and the knockoff ability is unbelievable…within three days of something being on the Internet, they have seen it, they copy it and they price-beat it.” I so get where Betsey is coming from, and it makes it so hard to make original fashion pieces at the price they should be.

I’m so, so saddened by this, as I’m sure most of you will understand as I have grown up with Betsey Johnson, and it’s not just me, the whole fashion world is stunned. "When you walk into one of Betsey's stores it's like walking into a jewellery box. She celebrates femininity, selling clothes that have personality and bring joy," says former Vogue fashion editor, Mary Alice Stephenson. "She was one of the first designers who didn't dumb it down for women in their 30s and 40s who were serious about their careers. A lot of designers were creating boring, bland clothes for these women. Betsey showed you that it didn't matter about age, you could be a woman doing serious things but having fun with fashion, being colourful and flamboyant. Betsey brings a real joie de vivre to every New York fashion week. She's the trailblazer and now fashion is following suit, adding fun patterns, embellishment and colour to the catwalk. There's spirit, joy, femininity and energy in her clothes and everything she does, and this news will be a great loss to the fashion community." This echoes everything I felt like I couldn’t put into words so poignantly.

I think the news was released on the 27th April and after reading Betsey’s twitter feed I will admit to shedding a little tear. I know to many that sounds so silly, but from as early as I can remember I have followed and adored the brand. I am a total fan girl for Betsey like most people may idolise musicians, artists, actors, or whatever it may be. Whilst I have never been able to afford the luxury to have massive splurges, I have always saved up for her pieces if I was ever visiting London or America, and I have worn her dresses to such sentimental events in my life such as weddings, christenings, and so it goes on. I treasure each piece I own like  precious jewels and unlike tat I may have purchased on a whim from cheap clothing stores over the years (that shall remain nameless!) I will cherish them forever and ever.

Despite the disappointment, there are reasons to be cheerful. Firstly, Betsey Johnson herself is still pursuing tons of new projects, (oh and she turns 70 this year, yes, really!), with perhaps the most exciting of all is that she will be starring in a new reality TV show with her daughter Lulu, called ‘Betsey + Lulu’ which is believed to show in July in the US. Of the show Betsey reveals, “I am trying to make it relevant, deep and interesting about fashion rather than about gossip, girls, makeup and hair.” Moreover, this year also sees the release of two more fragrances to follow up last year’s release stunning ‘Too Too’, with one named ‘Too Too Pretty’ and the other one still to be developed.

So are you  a Betsey fan like me? What do you make of this sad news? Obviously my thoughts are with the whole brand and all the Betsey babes all across the world in her stores at such a difficult time. Will we see Betsey cartwheel  down the catwalk in her 70th year? So far it seems difficult to tell, but as more information comes out I will update those who want to know. Additionally, please let me know if any of you know anymore about this. But whatever happens, I’m a Betsey girl for life, and nothing will change that!

Information and quotes gathered from the article here.

xoxo

8 comments:

  1. Such sad news. I visited quite a few Betsey boutiques in America last month - they are all so gorgeous!

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    1. Oh to visit a Betsey boutique in America is such an experience, such fond memories :( xoxo

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  2. I was really saddened to hear this. Can't believe she's on the brink of 70-what an inspiration! xo

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    1. Oh exactly. You wouldn't think she's 70, would you? My idol.

      xoxo

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  3. I remember reading about this last week and I instantly thought of you because I know how much you love her. It's so sad to think that if we weren't in such an economic crisis we might not be losing all these stores :( xx

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    1. Aww bless you, yeah I'm really sad about it all, such a shame :( xoxo

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