Betsey Johnson Files for Bankruptcy, Has to Close All 63 Stores

Betsey Johnson´s company announced Thursday that it will be filing for bankruptcy. As a consequence, 69-year-old punk designer Johnson has to close all 63 of her stores.

The closure of the boutiques will put 350 workers out of work.

Johnson, who founded her label in 1978, said she is staying on as the brand´s creative director and her lower-priced line will remain available at Macy´s and other retailers.