Betsey Johnson defaulted on a $50 million loan. Steve Madden bought the debt, and as collateral, Johnson put up all of her company's intellectual property — every design, every idea, everything that makes the brand its lovable pink-punk self.
And now, the cold, hard, retail reality sets in: Neiman Marcus and Net-A-Porter are dropping Ungaro for Spring. Barneys and Saks also aren't ordering. Lindsay Lohan and Mounir Moufarrige, what have you wrought! [Style.com]