J. Crew Becomes First Major Retailer to File for Bankruptcy Due to Coronavirus

J. Crew Becomes First Major Retailer to File for Bankruptcy Due to Coronavirus

J.

Crew Becomes First Major Retailer to File for Bankruptcy Due to Coronavirus The decision to file for Chapter 11 protection in federal bankruptcy court was reached on Sunday night.

Company control will move from parent company Chinos Holdings over to top creditors.

J.

Crew's e-commerce business will continue and at least two brick-and-mortar stores will open once lockdown restrictions have eased.

Jan Singer, CEO, via 'The New York Times' Started in 1947, J.

Crew was the first mass-market brand allowed to present part of its line at New York Fashion Week in 2011.

It is just one retail company that has been hit extremely hard by the coronavirus pandemic.

Though J.

Crew is the first to file for bankruptcy, it is widely acknowledged that it likely will not be the last.