Steve Madden has taken over a $48.8 million loan for Betsey Johnson, that is currently in default. SEC documents filed Thursday show that if this loan is not paid by August 20, 2012, Madden will end up owning the Betsey Johnson's name and property. I love Betsey and wish her the best. There is no Betsey Johnson without Betsey's spirit and energy. The good news is Betsey will add cosmetics to her resume. There is a high anticipation for Betsey Johnson's cosmetic line so maybe it will help pull the company out of it's slump.
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