|Betsey Johnson during her New York Spring 2012 Runway Show.|
The Chapter 11 filing by Betsey Johnson LLC will see most of the chain's 63 stores close, a person familiar with the matter said. Steven Madden Ltd., which owns the Betsey Johnson license, likely will keep four or five flagships in New York City and a few other cities, the person said.
The company employs about 400 people. Its largest creditors include Haskell Jewels, American Express and FedEx Corp., according to the filing.