As you may have heard—Betsey is bankrupt! Well, not Betsey exactly. Neither the brand nor its eccentric creative director is involved, but the licensing firm that operates Betsey Johnson boutiques filed Chapter 11 a little more than two weeks ago. While this is unfortunate news for 54 BJ boutiques and 9 outlets around the nation, it seems there’s a silver lining for loyal Betsey shoppers. For a cool $5.2 million, two retail liquidation firms have partnered to take the remaining inventory off the hands of the shuttering shops. A major going-out-of-business sale began last Friday and will run until all merchandise has been sold.

Bottom line—this means apparel, jewelry, handbags, and shoes will be discounted 20—50% off in-stores and online. Plus, if you’re really attached to the Betsey brand or happen to be shopping for some very pink specific décor, all racks, shelving, and lighting fixtures will be up for grabs as well. "While the sales are ongoing, Betsey Johnson customers are still our main priority. We hope that they use this opportunity to find great discounts on all of the latest Betsey Johnson fashions," said Jonathan Friedman, Chief Operating & Financial Officer of Betsey Johnson LLC in a release. "I recommend that customers shop early so that they can take advantage of the sale, as merchandise will not be replenished once it has been sold." All sales will be final and if you’re holding on to a store gift card, cash that baby in before June 1^st. 

But this isn’t the end for Betsey, who opened her first retail store in New York City thirty years ago, by any means. A handful of flagship locations will remain open, licensed Betsey Johnson clothing will continue to be sold via department stores, and the Betseyville jewelry line lives on. There have also been whispers of a reality show in the making—with Betsey as its spunky star, it’s sure to be a hit.