Headlines

COVID-19: J.Crew Files Chapter 11

The owner of apparel brands J.Crew and Madewell plans to continue operations

Published

4 years ago

May 4, 2020

VMSD Staff

J.Crew Group (New York), which owns apparel brands J.Crew and Madewell, is the first national U.S. retailer to file for bankruptcy since the pandemic forces the closure of most stores, reports CNN Business. The retailer has filed to begin Chapter 11 proceedings in federal bankruptcy court in Virginia.

The company reportedly expects to stay in business and emerge from bankruptcy as a profitable operation. "We will continue all day-to-day operations," J.Crew Group CEO Jan Singer said in a statement.

Assets and liabilities were estimated at between $1 to $10 billion in the filing.

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