J. Crew becomes the first national retail casualty of the coronavirus pandemic. The company said that it had made a deal with lenders to convert its debt into equity.
The retailer expects to stay in business and emerge bankruptcy as a profitable company.
“We will continue all day-to-day operations,”
J.Crew Group CEO Jan Singer
J. Crew’s bankruptcy filing is an indication of the enormous strain the pandemic is exerting on all businesses. More retail businesses are expected to be affected in the coming months.
J. Crew started off as Popular Merchandise Inc in 1947 selling low-priced women’s clothing. They expanded rapidly in the early 1980s and 1983 changed its name Popular Merchanise to J. Crew. As of 2018, they had over 506 locations.