J. Crew has filed for bankruptcy, becoming the first major US retailer to do so amid the ongoing global COVID-19 pandemic.
In a statement released early Monday morning, May 4, the retailer—made popular by the likes of Meghan Markle and Michelle Obama—said it has filed for Chapter 11 bankruptcy and is working with its lenders to convert $1.65 billion of the company’s debt into equity.
Chapter 11 bankruptcy isn’t exactly a death sentence. As J. Crew chief executive officer Jan Singer explained in the statement, while the company continues its restructuring process, “we will continue to provide our customers with the exceptional merchandise and service they expect from us, and we will continue all day-to-day operations, albeit under these extraordinary COVID-19-related circumstances. As we look to reopen our stores as quickly and safely as possible, this comprehensive financial restructuring should enable our business and brands to thrive for years to come.”
https://www.instagram.com/p/B_iYC25gRIb/
