The our favorite tutu-wearing, color-crazy fashion designer will not be performing any cartwheels down a runway this week.

Betsey Johnson LCC filed for Chapter 11 bankruptcy protection last Thursday.

News sources are reporting that the majority of Betsey’s 63 freestanding shops, including her Town Center location, will close. More than 350 employees are expected to lose their jobs.

We had a brief encounter with the blonde designer for the grand opening of her Boca boutique last March.

Flagship stores in New York City and Los Angeles are expected to remain open.

We hope we will still be able to buy the designer’s funky jewelry at our local Nordstrom Rack!