Coronavirus Latest: J.Crew Becomes First Major Retailer To File For Bankruptcy Since COVID-19 Forced Stores To Close
PHILADELPHIA (CBS) -- The owner of J.Crew is filing for Chapter 11 bankruptcy. It's the first major retailer to file for bankruptcy since COVID-19 forced stores to close out of safety.
J.Crew said it reached a deal with its lenders to convert about $1.65 billion of debt into equity.
J.Crew, which also owns the Madewell brand, says it anticipates stores will reopen when it's safe to do so.
