The fashion world is in shock when colorful designer, Betsey Johnson, filed for Chapter 11 bankruptcy Thursday in New York.

Sources close to the company, Betsey Johnson LLC, says the filing will see a majority of the chain’s 63 stores close, but they’re likely to keep four of five flagship stores open in New York.

These changes could occur as soon as next month, leaving about 350 employees out of work.

Betsey, known for her outrageous styles and color combinations, is sadden about the announcement, "I feel so sad for my store people and all my pink girls. They live and die for me. But I need to be better. I really need to work well and be more efficient."

Betsey will continue as the brand’s creative director, and will put her focus towards the Betsey Johnson line sold at Macy’s.