J.Crew just filed for bankruptcy but stores in Canada expected to reopen
The first wave of major retailers falling amid the pandemic may have begun as fashion outfitter J.Crew filed for bankruptcy today.
The U.S. clothing chain announced that it had filed for Chapter 11 bankruptcy protection today as a result of the nation-wide lockdown that saw many retailers close their doors and outstanding debt it had already incurred.
J. Crew files for bankruptcy protection as it struggles with falling sales, a heavy debt load and the coronavirus pandemic https://t.co/cIk5nuuKeL— Bloomberg (@business) May 4, 2020
The company said that it expects storefront locations will reopen when it's safe to do so.
Meanwhile, the company will be undergoing restructuring and clothing will still be available for online purchase.
Designer jean retailer True Religion filed for bankruptcy protection last month, and J.C. Penney and Neiman Marcus are expected to file as well.
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