Our favorite crazy-haired, cartwheeling designer Betsey johnson has been experiencing some serious financial troubles as of late, after nearly defaulting on a $48.8 million loan. Just last month, her close friend and fellow designer, Steve Madden, took on the debt, with hopes to save Johnson’s company from the bankruptcy and near extinction that it faced. He even claimed that he’d buy the entire company if that’s what it would take to save the brand.

Well, Steve Madden is certainly a man of his word: he has now officially taken over Betsey Johnson and has full ownership of the company. As scary as that sounds, Madden assures us that Betsey will continue to have creative control over her eponymous label, and all design decisions will remain her call. Instead, his focus will be in developing her daytime clothing line and footwear. He tells WWD: “Betsey is my partner. She has nothing to worry about and I will protect her. . . . She is not on the hook for anything. I am honoured to be partners with her. That’s the truth.” Translation: the poofy skirts, silk, ruffles, and lace are here to stay! Let’s hope that everything works out for the best . . .