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There are probably no cartwheels or splits happening at the Betsey Johnson offices today. Back in April, the brand filed for bankruptcy, and today, the WSJ reports that the chain will begin liquidating most of its stores. But, it seems that the New York City locations might be able to avoid that fate. The article (sort of) explains:
It isn't clear whether a handful of stores will outlast the liquidation. Steven Madden Ltd., which owns the Betsey Johnson license, is expected to keep a handful of stores in shopping destinations like New York. Madden will continue to sell Betsey Johnson-branded clothing through department stores.
To explain why anyone would want to liquidate a chain of stores owned by the world's coolest grandma, here are the facts of the situation. The company currently owes $6.8 million to creditors, and last year, it lost $5.7 million "once costs were taken out of its nearly $60 million sales revenue." And in the past five years, sales dropped more than 20%.
However, with every store closing comes a liquidation sale. Our sister site has pulled together eight cheery items from the sale that will take the edge off of your sadness. As for those numbers, the discount is up to 50% off.
· Betsey Johnson Chain to Liquidate [WSJ]
· 8 Items That Make Betsey Johnson's Liquidation Sale a Little Happier [Racked]
· Betsey Johnson Files for Bankruptcy [Racked National]