May 04, · karacto.xyz has become the first major retailer to file for bankruptcy during the coronavirus crisis, and chances are it won’t be the last. The sector’s default rate could rise to 19% by the end of the Author: Alexandra Scaggs. 3 hours ago · J. Crew files for bankruptcy, the first national retail casualty of the coronavirus pandemic. But in recent years, the brand — known for its “formal, old school approach” — has been slow karacto.xyz (Reuters) — 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 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 karacto.xyz
Related videoskaracto.xyz CEO Jim Brett talks survival and relaunch of iconic brand
Get this delivered to your inbox, and more info about our products and services. All Rights Reserved. Data also provided by. Skip Navigation. Markets Pre-Markets U. Key Points. VIDEO Related Tags. News Tips Got a confidential news tip? It is the first big retailer to fail during the pandemic. In addition to cancelling debt, J. Crew plans to close stores, though the final number it plans to shutter has not yet been determined, a person familiar with the matter said.
The coronavirus outbreak forced the company to temporarily close its nearly J. Crew, J. Crew factory and Madewell stores. In addition, the economic fallout and market turmoil stemming from the public health crisis resulted in J. Crew shelving plans for an initial public offering of its Madewell business.
Crew had planned to use proceeds from the IPO to reduce its debt rather than use bankruptcy to address its strained finances, the person familiar with the matter said.
Before the pandemic, J. Crew was already struggling along with other traditional brick-and-mortar retailers to compete amid a consumer shift to online shopping. Please email covidtips businessinsider. Business Insider logo The words "Business Insider". Close icon Two crossed lines that form an 'X'. It indicates a way to close an interaction, or dismiss a notification. Account icon An icon in the shape of a person's head and shoulders.
It often indicates a user profile. Login Subscribe Subscribe. A leading-edge research firm focused on digital transformation. World globe An icon of the world globe, indicating different international options.