Fashion chain J Crew files for bankruptcy protection in US
Chapter 11 filing is the first by a major US retailer during the coronavirus lockdown
The fashion chain J Crew has became the first major US retailer to file for bankruptcy protection during the coronavirus shutdown.
The New York-based brand’s parent company made the Chapter 11 bankruptcy filing in a Virginian federal court to buy itself breathing space as it plans to hand control over to its lenders, in exchange for the cancellation of $1.65bn (£1.3bn) of its debts. J Crew Group’s chief executive described the move as a “financial restructuring” that would enable the business to thrive for years to come.