The Betsey Johnson LLC brand filed for Chapter 11 bankruptcy on Thursday, which will eventually lead to 400+ employees being discharged and 63 namesake stores placed in liquidation.  Bought years prior by Steve Madden LTD, according to The Wall Street Journal, Madden may keep the New York City locations open, and possible other big city flagships.  In the past year, the revenues of Betsey Johnson have not been great, as only Johnson’s cult fans continously bought the designer’s flamboyant and uber-colorful items.  Johnson’s foray into fashion and design began in the late ’60s, and as once a part of Andy Warhol’s inner circle (she was even married to John Cale of The Velvet Underground) and the disco era of the ’70s, by the 1980s onward, she became a staple of downtown chic in a similar lane that includes Patricia Field, and for the U.K., Vivienne Westwood.

Her Macy’s in-store line (such as Betseyville) will remain, but if you are a fan of Betsey Johnson, show homegirl some love as when those out of business sales start going, there will be some coveted pieces to have like her Warhol-esque Marilyn Monroe silk screen tees and knitted sweaters, rainbow leopard printed and shimmery buttoned bags and clutches, and bright tu-tu dresses.