Betsey Johnson Bankruptcy: Forgets Troubles with Crazy Glittery 70th Birthday Bash

Famed fashion designer Betsey Johnson has kept her head held high even after losing control of her signature boutiques earlier this year, resulting in the funky couturier having to file for bankruptcy in April. Along with a stellar retrospective fashion show during New York City's 2012 Fashion Week, Johnson celebrated her 70^th birthday in true celebrity style - in crazy, glittery, modelesque galore.

The highlight of the Johnson bash centered on a runway, where popular 1980s songstress Cyndi Lauper belted out her hit tune "Girls Just Wanna Have Fun" as models pranced along the catwalk, flinging confetti into the crowd and flaunting a variety of decade-inspired wardrobes. The models rocked representative outfits of Johnson's whimsical collection from the 1960's all the way up to today, culminating in a "princess" theme. A baby pig even made an appearance amongst the glitter and sparkle on the runway.

Johnson's daughter Lulu surprised the crowd by popping out of a huge faux birthday cake, and Johnson eventually took to the stage herself, performing a cartwheel-and-split motivated dance.

Many Fashion Week big-names made an appearance at the Tuesday evening, 42^nd Street place bash, including Lil' Kim. The crowd got so extensive that many partygoers were turned away at the door once a NYC fire marshal arrived.

Betsey Johnson LLC, founded in 1978 and once widely famed for its signature eccentric party dresses, was hit hard by the recent recession. All 63 of Johnson's stores in the U.S., Canada, and the U.K. are going-out-of-business, and held sales throughout May-July. After going into massive debt, Johnson filed for Chapter 11 bankruptcy protection in April. Steve Madden Ltd. owns the Betsey Johnson intellectual property rights and will continue to sell some Betsey Johnson clothing and accessories. Johnson herself still oversees the sales of some moderately priced clothing and accessories, giving the bold designer enough reason to party.

Johnson's 70^th birthday was actually on Aug. 10, but why not celebrate during the week honoring the industry which Johnson has prided herself in for so many years - fashion?