It Looks Like J. Crew Will File for Bankruptcy
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J. Crew was struggling before the pandemic wreaked havoc on retail across the globe. It appears bankruptcy is now imminent.
According to the New York Times, J. Crew will likely file for Chapter 11 bankruptcy protection as soon as Monday. The company had been struggling for years, with consumers turning toward less preppy, more sustainable, and/or cheaper retailers. Things were beginning to look up for them in 2020, with planned product pivots and a public IPO offering for Madewell, a younger spinoff brand. That IPO deal fell through at the end of March, and though the company declined to comment, it looks like the coronavirus pandemic and accompanying economic decline really screwed things up.