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.
BREAKING: J. Crew files for bankruptcy protection https://t.co/UQkyYAqwcp— Bloomberg (@business) May 4, 2020
Preppy retailer J.Crew files for bankruptcy protection, as high-profile U.S. companies battle with the financial hit from the coronavirus pandemic https://t.co/EmsDlL3ACC— The Wall Street Journal (@WSJ) May 4, 2020
J Crew, a fashion group known for its preppy style, has filed for bankruptcy. It's the first major US retailer to be pushed over the edge by the coronavirus pandemic https://t.co/5t5T3LH7Cv— Financial Times (@FinancialTimes) May 4, 2020
J. Crew files for bankruptcy, the first national retail casualty of the coronavirus pandemic https://t.co/YpCb0swEl2— The Washington Post (@washingtonpost) May 4, 2020
In 2017 J Crew's PE owners transferred its "intellectual property" -- logos, designs -- to a Cayman Islands LLC & licensed it back to the parent leaving it with billions of $ in gratuitous debt but actually it went bankrupt today bc some NYT writer wanted to type "netherland" pic.twitter.com/71m5CByNgH— moe tkacik (@moetkacik) May 4, 2020
Sears, JCPenney, Neiman Marcus and J.Crew were some of the most distressed retail companies prior to the coronavirus outbreak, according to analysts.— CNN (@CNN) May 4, 2020
They may not be able to survive the crisis. https://t.co/SQTnHNzgjk