The fashion designer Betsey Johnson has filed for bankruptcy protection. Dozens of the fashion designers' stores will close, and hundred of employees will be laid off.
Frazer Harrison/Getty Images for Mercedes-Benz Fashion Week
Ever wondered why a few scraps of cloth end up costing $5,000 on the catwalk? Or how designers manage to sell a $5,000 dress for just a few hundred bucks in stores like Target? Tess Vigeland pulls back the curtain on the fashion biz.