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J. Crew files for bankruptcy as retailer succumbs to COVID-19 fallout

Breaking News EmailsGet breaking news alerts and special reports. The news and stories that matter, delivered weekday mornings.SUBSCRIBEMay 4, 2020, 10:55 AM UTCBy ReutersJ. 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.The New York-based chain, known for preppy clothing at times worn by former first lady Michelle Obama, filed for bankruptcy in a Virginia federal court with an agreement to eliminate its roughly $1.65 billion of debt in exchange for ceding ownership to creditors. It is the first big retailer to file during the pandemic.Anchorage Capital Gr ...
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