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Once beloved for its whimsical embroidered corduroys and checked button-down shirts, J. Crew has become the first major retailer to declare bankruptcy as sales plummet due to the coronavirus.
The New York-based company, which also owns the women’s fashion brand Madewell, filed for Chapter 11 bankruptcy in a Virginia federal court on Monday. In a statement, the company said that it had done so after reaching an agreement with its creditors to restructure approximately $1.7 billion in debt.
read more https://www.cnn.com/2020/05/04/business/j-crew-bankruptcy/index.html
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