J Crew comes apart at the seams and files for bankruptcy protection
The preppy clothing chain has been hammered by store closures due to the Covid-19 crisis
04 May 2020 - 15:50
New York/Bengaluru — J Crew Group 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 $1.65bn of debt in exchange for ceding ownership to creditors...
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