May 4 (UPI) -- Apparel chain J. Crew on Monday become the first national retailer to file for bankruptcy since the coronavirus pandemic ushered in total closures for non-essential brick and mortar businesses.
J. Crew Group and parent company Chinos Holdings announced they filed under Chapter 11 in bankruptcy court in Virginia.
- More than 300 J. Crew and Madewell locations will remain open
- under $400 million in debtor-in-possession financing from existing lenders, the company said... lenders will convert about $1.7 billion in J. Crew debt into equity.
- The bankruptcy will restructure the company's debt and "deleverage" its balance sheet, positioning J. Crew and Madewell "for long-term success," CEO Jan Singer said...
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