New York, NY-Fashion Week is in full swing and designer Betsey Johnson is celebrating in style for her birthday and her fashion line’s emergence from Chapter 11 bankruptcy.
When a business enters into bankruptcy it’s common for the media to report on it their financial troubles. The business goes through the process either quietly or with numerous contentious issues, but when they emerge there is little fanfare. That is unless you’re Betsey Johnson, the eclectic British designer who filed for Chapter 11 bankruptcy this past May.
Johnson was forced to close her retail stores after suffering a 20 percent loss in sales. At the time of the initial filing the company listed their assets at $23 million with $15.4 million in debts.
For a troubled business, a bankruptcy attorney will recommend a Chapter 11 filing, which allows to company to continue operating their day to day business while they negotiate with the courts to lower their debts to creditors.
The 70 year-old designer celebrated in style, literally, by hosting a combination fashion show and birthday party. She showed up her new line of dresses which will retail for $99 to $250 and will be available in department stores like Neiman Marcus, with the lower priced dresses selling at Macy’s.
In addition to the fashion show, there was a birthday celebration which included cupcake vending machines, a pet pig, tunes from singer Cyndi Lauper. Johnson was also followed by camera crews for an upcoming reality show on the Style Network “Betsey + Lulu.”