J.Crew Files For Bankruptcy
From big businesses, to small local businesses, everyone is struggling during the COVID-19 pandemic.
According to WILX, the J.Crew Group, the owner of J.Crew, filed for chapter 11 bankruptcy.
The clothing retailer is hoping to stay open while they work on restructuring and reemerge as a more profitable company, CEO Jan Singer announced.
The J.Crew group did reach an agreement from the majority of their lenders to help convert roughly 1.65 billion into the company's debt. They also received roughly $400 million financing from their lenders.
“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 COVID-19-related circumstances," Singer said. "As we look to reopen our stores as quickly and safely as possible, this comprehensive financial restructuring should enable our business and brands to thrive for years to come.”