By Gage Jackson
May 4, 2020
The J. Crew Group, which also owns Madewell brands, has accrued nearly $1.7 billion in debt but plans to reopen stores as lockdown measures ease.
The preppy clothier J. Crew has become the first major retailer to file for bankruptcy protection amid the coronavirus pandemic.
The company, which also owns Madewell brands, has accrued nearly $1.7 billion in debt and will now transfer control to its lenders in hope of restructuring some of that debt into equity.
But that doesn’t necessarily mean the seller of women’s, men’s, and children’s apparel will be going out of business. The company says online operations will proceed as normal and it plans to reopen stores as pandemic shutdowns begin to scale back.