Oh Betsy!

Yesterday the Wall Street Journal's Market Watch reported that clothing and accessory design company Betsey Johnson LLC filed for bankruptcy protection. The Journal reports that this move will result in the closure of a majority of its stores.

And today the fashion and business sections of newspapers around the world are buzzing with the news.

This news follows the 2009 retirement rumours and Johnson's wish that "her brand live on forever".

Her brand may not live forever with this latest news but her imprint on the fashion scene will undoubtably have a lasting impact.

Johnson emerged as a fashion designer out of the 1960s Youthquake Cultural Movement out of New York. She hit the fashion, music and cultural scene with characters from Andy Warhol's Factory and the Velvet Underground. Edie Sedgwick was her house model and this beginning helped to establish her with a rock 'n roll image despite her love for bright colours, floral prints, and youthful energy.

With such a rich history in the fashion scene, this is certainly sad news indeed.