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  • RETAIL: J.Crew files for Chapter 11 as pandemic chokes retail sector

    RETAIL: J.Crew files for Chapter 11 as pandemic chokes retail sector

    The owner of J.Crew is filing for bankruptcy protection, the first major retailer to do so since the pandemic forced most stores in the United States to close. More retail bankruptcies are expected in coming weeks with thousands of stores still shuttered, though states have begun a staggered restart of their economies.

    H/T: AP NEWS

    While J. Crew’s struggles pre-dated the coronavirus outbreak, it’s the first major retailer to go bankrupt during the ensuing economic shutdown, which has pushed dozens of chains to the brink of failure. Neiman Marcus Group Inc. and J.C. Penney Co. are among merchants that could be days away from default, Bloomberg reports.

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