J. Crew files for bankruptcy

National

A man wearing a mask walks by a window display at a J Crew store in Rockefeller Center, Saturday, May 2, 2020, in New York. On April 30, the company announced it would apply for bankruptcy protection amidst the COVID-19 pandemic. (AP Photo/Mark Lennihan)

(WIVB) — J. Crew has filed for bankruptcy, making it the first national retailer in the U.S. to do so since the coronavirus pandemic began.

J. Crew plans to stay in business, though. Through Chapter 11 bankruptcy, the company seeks to convert roughly $1.65 billion in funded debt into equity.

According to the company’s statement, J. Crew has secured commitments for $400 million in new money debtor-in-possession financing from existing lenders.

Madewell will continue to be part of J. Crew Group, Inc.

Copyright 2020 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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