The parent company of J.Crew Group, Inc.—Chinos Holdings, Inc.—has filed for Chapter 11 relief in U.S. Bankruptcy Court for the Eastern District of Virginia.

The organization announced the news on Monday. J.Crew is one of the first national retailers to file for bankruptcy protection amid the global coronavirus pandemic.

Under the agreement, the company's lenders will convert approximately $1.65 billion of the debt into equity. In addition, it's obtained commitments for financing of $400 million from Anchorage Capital Group, L.L.C., GSO Capital Partners and Davidson Kempner Capital Management LP and others.

Madewell will also remain part of J.Crew Group, Inc. "This agreement with our lenders represents a critical milestone in the ongoing.

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United States	Cases: 46 252 513 Deaths: 750 423 Recovered: 0
India	Cases: 34 321 025 Deaths: 459 652 Recovered: 0
Brazil	Cases: 21 835 785 Deaths: 608 235 Recovered: 0
United Kingdom	Cases: 9 215 683 Deaths: 141 607 Recovered: 0
Russia	Cases: 8 494 589 Deaths: 237 619 Recovered: 0

J.Crew Files for Bankruptcy Amid Coronavirus Pandemic

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