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The cartwheeling designer will have to pull out all the stops over the next two years, Steven Madden Ltd. recently stepped in and purchased a $48.8 million dollar loan owed by the designer which will need to be paid by August 20th, 2012.

If the loan is not covered Madden will then own Betsey and all the comes with the package including personal assets belonging to Betsey herself!!!

Madden already holds the license to produce accessories under the Betsey Johnson and Betseyville names, so some are suggesting it’s in his best interests to keep the brand alive. I’m sure we’re going to see a bigger play on Betsey’s part to hold onto her company by increasing market share and reminding girls just how fun it is to be a Betsey girl.