Clothing brand J. Crew is filing for Chapter 11 bankruptcy according to new reports. According to CNN J. Crew is the first National U.S. retailer to declare bankruptcy due to the COVID-19 outbreak.
J. Crew like every other clothing retailer was forced to close stores during the outbreak. The clothing brand plans to continue operations and will not completely shut down with expectations to once again become profitable following the bankruptcy.
The J. Crew Group, which also owns the clothing brand Madewell, operates 500 retail stores throughout the United States all of which had to freeze operations due to the coronavirus outbreak. According to CNN, J. Crew Group employs more than 14,000 people.
The company filed for an initial public offering but did not release a date for the IPO or a price.