Everyday I hear horror stories about different industries exhausting in New York including the fashion industry. It makes no sense to me because who is more fashionable than a New Yorker? Part of being a New Yorker is having “steelo” and wearing fashion brands that depict your status within the society. Is this changing so rapidly that famous designers such as Betsey Johnson are filling for Bankruptcy?
On April 26, 2012, Betsey Johnson’s chains went Bankrupt and will be liquidated in May of this year. As a result most of her 63 stores will be closing down and many workers will be losing their jobs. Nevertheless, Betsey Johnson will continue to design for her lower-priced lines that are sold at Macy’s and other mass retailers. Will this be the new trend among high-end designers? Can this be good for our fashion industry?