U.S. fashion designing house Betsey Johnson LLC, which filed for chapter 11 protection last month, has commenced a going-out-of-business sale at its stores and outlets, Reuters reported yesterday. Gordon Brothers Group and Hilco Merchant Resources are jointly running the sale on Betsey Johnson's behalf. The fashion house had listed total assets of $21.3 million and total liabilities of $15.4 million at the end of 2011, according to the company's balance sheet that was filed in court last month. Betsey Johnson retail stores worldwide, which also sells products to department store operators like Nordstrom Inc and Macy's Inc, said the sale is taking place at its U.S., Canada and UK locations. The company will honor gift cards until June 1.
