Betsey Bankruptcy
"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," saidthe company's LLC chief financial officer, Jonathan Friedman. "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."
The label will now focus on Johnson's lower-priced line, but will still stage a catwalk show in September as planned. Johnson, who will be 70 in August, is also involved with a reality television show - which will start shooting in the near future. The company is currently owned by Boston-based equity firm Castanea Partner, who own 90 per cent, and Steven Madden - who holds the remaining 10 per cent stake.
"I feel so sad for my store people and all my pink girls," Johnson toldWWD. "They live and die for me. But I need to be better. I really need to work well and be more efficient."
Gaultier takes on cannes
"We have a tradition of inviting people who we know are cinephiles but who are not necessarily in cinema," said Cannes boss Thierry Fremaux.
The jury will be led by Italian director Nanni Moretti, with Diane Kruger and Ewan McGregor also taking up seats on the panel. The festival will run from 16 to 27 May.
Burberry world
"We're talking about all the different facets of the brand - fashion, design, music, weather and attitude," the brand's chief creative officer,Christopher Bailey,said "It's all part of an immersive space that we've custom-built opposite our latest new store. It's basically the whole concept of the brand wrapped in one experience and a big celebration of the multi-faceted jewel that is Burberry. It's a celebration of Britishness all around the globe."
The sensory event, which marked the opening of the brand's new Taipei store, will be the first of many - with more lined up in Hong Kong, London and Chicago later this year. Highlights from last night's event will be available for the public to view on the brand's Facebook page later today.