NEW YORK – The owner of J.Crew is filing for Chapter 11 bankruptcy, two months after the first person in New York tested positive for COVID-19.
The city, where J.Crew Group Inc. is based, went into lockdown soon after, followed by much the country. Retail stores in New York City and across the country shut their doors.
More bankruptcies across the retail sector are expected in coming weeks. J.Crew, already in trouble before the pandemic and laden with debt, and was acquired by TPG Capital and Leonard Green & Partners for $3 billion in 2011.
Operations at J.Crew will continue throughout a restructuring and clothing will still be available to purchase online. The company said Monday that it anticipates its stores will reopen when it's safe