US women's wear label Betsey Johnson has entered Chapter 11 bankruptcy protection after attampts to find new equity investors or sell the brand failed.

In a filing to the US Bankruptcy Court, Southern District of New York, the company said that despite negotiations with two interested parties, no rescue deal materialised.

The firm operates 63 stores, employing 350 people. Reports suggest these stores will close over the next few weeks and the employees will be laid off.

The company's largest unsecured creditors include Haskell Jewels, BC America, Parawin Industries and American Express.