J.Crew Files For Bankruptcy

PITTSBURGH, PA - Clothing retailer J.Crew Group, which operates the J.Crew and Madewell Brands, has become the first national chain to file for bankruptcy during the coronavirus outbreak.

J Crew announced Monday it has filed for Chapter 11 bankruptcy in Virginia and has reached an agreement with its lenders to convert about $1.65 billion of debt into equity. The retailer expects to stay in business.

"Throughout this process, we will continue to provide our customers with the exceptional merchandise and service they expect from us, and we will continue all day-to-day operations, albeit under these extraordinary COVID-19-related circumstances," J.Crew CEO Jan Singer said in a statement. "As we look to reopen our stores as quickly and safely as possible, this comprehensive financial restructuring should enable our business and brands to thrive for years
to come."

J.Crew's lone Pittsburgh store is located in Ross Park Mall.