Betsey Johnson LLC., a fashion retailer behind the designer known for her neon-colored spreads and clothing designs, has filed for Chapter 11 bankrupty protection, Reuters reports.
All Six South Florida retail stores will close, according to one Boca Raton employee. Store closures could come as early as a month's time.
There are more than 65 Betsey Johnson retail stores worldwide, including six in South Florida. The clothing line is also sold in stores like Nordstrom and Macy’s.
Betsey Johnson stores are in the Town Center at Boca Raton, Aventura Mall, Sawgrass Mills, Dadeland Mall, the Gardens Mall or the Village of Merrick Park.
The stores sell a mix of rock-n-roll and hippie-themed clothing, but also include cocktail dresses and accessories aimed at younger women.
Declining sales and profitability led to the decline, said the Reuters story. The fashion house listed total assets of $21.3 million and total liabilities of $15.4 million at the end of 2011. Betsey Johnson LLC has been unable to find new buyers or investors, according to the Reuters report.