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UP FOR SALE: Gordon Brothers Retail Partners and Hilco Merchant Resources are joining forces to liquidate Betsey Johnson inventory. The two liquidation firms on Thursday received Manhattan bankruptcy court approval to begin the liquidation sales. The licensing firm that operates Betsey Johnson boutiques filed for Chapter 11 bankruptcy court protection on April 26th. Betsey Johnson the designer remains creative director of the brand, which is not involved in the bankruptcy filing. It is expected that the bulk of the freestanding boutiques will shutter. The liquidation of the inventory could begin as early as today and run through the end of July. The liquidation firms will pay the bankrupt entity $5.2 million immediately, followed by a percentage of the value of the inventory.