Eccentric fashion designer Betsey Johnson has been eliminated this week from Dancing With the Stars. But it’s not her biggest loss this year. In April, Betsey Johnson LLC "went out of business as per its Chapter 11 liquidation filing under bankruptcy" according to Businessweek. Although shoe tycoon Steve Madden paid her $48.8 million loan in exchange for intellectual property, Betsey had to close her 65 stores which were stocked with Johnson’s flirty line of apparel, shoes, handbags, jewelry, lingerie, and fragrances. After the 2008 recession, her $400 dresses weren’t as in demand. Now that Betsey’s been eliminated from DWTS, maybe she can get back to her more affordable clothing line for Macy’s ($128-$148).
Betsey founded the company in 1978, when she started hanging out with Pop Art king Andy Warhol. She wasn’t a Factory Girl, but Betsey said he liked the dresses she wore and she liked the colors he used in his art.
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