J. Crew files for bankruptcy as preppy retailer succumbs to COVID-19 fallout

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J. Crew files for bankruptcy as preppy retailer...
 © In-Cyprus 2020
J. Crew Group Inc filed for bankruptcy protection on Monday with a plan to hand over control to lenders, adding to a list of brick-and-mortar retailers pushed to the brink by widespread store closures in response to the COVID-19 pandemic.

The New York-based chain, known for preppy clothing at times worn by former first lady Michelle Obama, filed for bankruptcy in a Virginia federal court with an agreement to eliminate $1.65 billion of debt in exchange for ceding ownership to creditors.

J. Crew is the first high-profile retailer to seek bankruptcy protection since the...


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J. Crew files for bankruptcy as preppy retailer succumbs to COVID-19 fallout


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Article Tags: files, bankruptcy, preppy, retailer, succumbs, covid, fallout,