J.Crew has filed for bankruptcy to eliminate $1.65 billion in debt, releasing an official announcement on the company's website. J.Crew is the first major US retailer to announce bankruptcy during the COVID-19 pandemic, which has been affecting businesses large and small. But before you panic, wondering where you're going to score that perfect gingham swimsuit for summer or those trusty, well-tailored suit separates, know this: J.Crew is not planning on closing its stores, and Madewell is safe, too. J.Crew and Madewell will continue to monitor the coronavirus and reopen retail locations once it is safe to do so. Madewell is still set to remain a part of J.Crew Group, Inc, which, as of May 4, owns and operates 181 J.Crew stores, 140 Madewell stores, jcrew.com, jcrewfactory.com, madewell.com, and 170 factory stores.
Watch this space for more information, and in the meantime, read a message from Jan Singer, chief executive officer of J.Crew Group:
"This agreement with our lenders represents a critical milesRead More – Source