J Crew Group Inc filed for bankruptcy protection on Monday, adding to an array of brick-and-mortar retailers pushed to the brink by widespread ...
NEW YORK: J Crew Group Inc filed for bankruptcy protection on Monday with a plan to hand over control to lenders, adding to a list of brick-and-mortar retailers pushed to the brink by widespread store closures in response to the COVID-19 pandemic.
In addition to cancelling debt, J Crew plans to close stores, though the final number it plans to shutter has not yet been determined, a person familiar with the matter said. Before the pandemic, J Crew was already struggling along with other traditional brick-and-mortar retailers to compete amid a consumer shift to online shopping.
The company had avoided bankruptcy in 2017 in a deal with creditors that reduced total debt and pushed out due dates on obligations.
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