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Betsey Johnson has begun a liquidation sale at its stores and outlets in the US. The company, which filed for Chapter 11 bankruptcy protection last month, plans to sell everything it owns - including store fixtures and fittings - in order to clear its sizeable debts. The brand had assets of $21.3 million (£13.2 million) and total liabilities of $15.4 million (£9.5 million) at the end of 2011, Reuters reports, according to the balance sheet filed with a New York bankruptcy court last month.

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