Betsey Johnson’s bankruptcy will result in the majority of her stores closing and her employees being let go, while Kristen Stewart has taken the top spot in the style stakes according to the UK’s Glamour magazine.
The designer – who showcased her latest collection at New York Fashion Week in February – used the Chapter 11 US Bankruptcy to file her case and although she will remain creative director of her brand, the majority of its 63 stores and 350 employees will lose their jobs.
The company’s LLC chief financial officer, Jonathan Friedman, said, ”The decision to seek protection under Chapter 11 comes after months of rigorously pursuing alternative restructuring arrangements to address Betsey Johnson LLC’s cash-flow problems. After exhausting our resources and possibilities, it became apparent that neither a restructuring arrangement with a new equity investor nor a sale of the business enterprise as a going concern outside of bankruptcy was to be forthcoming. Accordingly, our board made the determination that a Chapter 11 store-closing process will likely be the best way to maximise the value of the company’s assets, for the benefit of its creditors.”
Speaking of the decision, Betsey, 69, told WWD, ”I feel so sad for my store people and all my pink girls. They live and die for me. But I need to be better. I really need to work well and be more efficient.”
The label will now focus on Betsey’s lower-priced line, but will still stage a catwalk show in September as planned.
The ‘Twilight’ actress topped a poll by Britain’s Glamour magazine and was praised by the publication for her progression from ”awkward teen to style queen” and for always being ”effortlessly on-trend”.
Kristen beat last year’s winner Emma Watson, with the ‘Harry Potter’ star managing a respectable second place while Victoria Beckham came third.
The singer-turned-fashion designer shot up 12 places from last year with the magazine praising the ”adorable co-ordinating looks” she shares with ”her new favorite accessory” – nine-month-old daughter Harper.
Britain’s Duchess Catherine was honored for her classic and stylish fashion sense with fourth place.
The magazine said, ”The Duchess of Cambridge’s classic elegance has set the high street alight, causing both Zara and Reiss to sell out of her favorite pieces.”
Other stars in the top 10 included Florence Welch, Cheryl Cole and Rihanna while Katie Price, Lady Gaga, Taylor Momsen, Kim Kardashian and Nikki Reed were named the top five worst dressed.
Glamour’s Top 10 Best-Dressed Women of 2012 are:
1. Kristen Stewart
2. Emma Watson
3. Victoria Beckham
4. Duchess of Cambridge
5. Florence Welch
6. Michelle Williams
7. Blake Lively
8. Cheryl Cole
9. Olivia Palermo
10. Rihanna
Do you agree?
