Name: J. Crew the first national retailer to file for bankruptcy since closures
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J. Crew the first national retailer to file for bankruptcy since closures

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TrendingAdvertisementShoppers are seen Friday at the newly reopened Northpark Mall in Dallas, Texas. Outfitter J. Crew, which has locations in hundreds of U.S. malls, filed for bankruptcy Monday. Photo by Ian Halperin/UPI |Apparel chain J. Crew on Monday become the first national retailer to file for bankruptcy since the coronavirus pandemic ushered in total closures for non-essential brick and mortar businesses.J. Crew Group and parent company Chinos Holdings announced they filed under Chapter 11 in bankruptcy court in Virginia.AdvertisementMore than 300 J. Crew and Madewell locations will remain open under $400 million in debtor-in-possession financing from existing lenders, the company said. As part of the deal, lenders will convert about $1.7 billion in J. Crew debt into equity.The bankruptcy will restructure the company's debt and "deleverage" its balance sheet, positioning J. Crew and Madewell "for long-term success," CEO Jan Singer said."Throughout this process, we will continue to provide our customers with the exceptional merchandise and service they expect from us, and we will continue all day-to-day operations, albeit under these extraordinary -related circumstances," she in a statement.Although the company didn't point to the coronavirus outbreak in its bankruptcy filing, restrictions that began in mid-March completely closed all mall-based U.S. locations that were already struggling with lower revenues. Many analysts have said they expect consumer retail spending to decline by about 5 percent this year, largely due to the health crisis.AdvertisementSales for apparel retailers fell by more than 50 percent in March, according to the Commerce Department.AdvertisementAdvertisementAdvertisement

TrendingAdvertisementShoppers are seen Friday at the newly reopened Northpark Mall in Dallas, Texas. Outfitter J. Crew, which has locations in hundreds of U.S. malls, filed for bankruptcy Monday. Photo by Ian Halperin/UPI |Apparel chain J. Crew on Monday become the first national retailer to file for bankruptcy since the coronavirus pandemic ushered in total closures for non-essential brick and mortar businesses.J. Crew Group and parent company Chinos Holdings announced they filed under Chapter 11 in bankruptcy court in Virginia.AdvertisementMore than 300 J. Crew and Madewell locations will...

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Don Jacobson

upi.com

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J. Crew the first national retailer to file for bankruptcy since closures

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