J. Crew Files For Bankruptcy
J.CREW HAS FILED FOR CHAPTER 11 BANKRUPTCY; IT'S THE FIRST NATIONAL U.S. RETAILER TO FILE FOR BANKRUPTCY PROTECTION SINCE THE CORONAVIRUS PANDEMIC FORCED A WAVE OF STORE CLOSURES
(CNN) – J.Crew has filed for bankruptcy.
It’s the first national U.S. retailer to file for Chapter 11 bankruptcy-protection since the coronavirus pandemic forced a wave of store closures.
J.Crew group said it filed to start proceedings in federal bankruptcy court in the Eastern District of Virginia.
The clothing retailer also said it reached a deal with its lenders to convert about $1.65 billion of debt into equity.
J.Crew group expects to stay in business and emerge from bankruptcy as a profitable company.
The company also operates the fast-growing denim brand ‘Madewell’ which was slated for an initial public offering, but now it will remain part of J.Crew group.