Yesterday we were talking about how not all design houses are experiencing growth like US label Coach. Case in point: following months of serious cash flow problems, Betsey Johnson filed for bankruptcy. The company plans to close its 63 free-standing stores and reduce its number of employees. The good news: designer Betsey Johnson will stay on as the brand’s creative director and will continue to sell her lower-priced label at Macy’s and other retailers. According to WWD, Johnson will focus on her moderately priced Betsey Johnson line, which has sold much better than her runway collection as of late.