J.Crew files for bankruptcy, the first major retailer pushed over the brink by the coronavirus pandemic

Mike Segar/Reuters

• J.Crew filed for Chapter 11 bankruptcy on Monday.
• The company said it has reached an agreement with its lenders to convert around $1.65 billion of its debt into equity. As of February, it had nearly $1.7 billion in debt.
• The brand has struggled in recent years and experienced a bit of an identity crisis. 
• Visit Business Insider's homepage for more stories.

J.Crew has filed for Chapter 11 bankruptcy. 

The clothing company announced early on Monday that it had reached an agreement with its lenders to convert around $1.65 billion of its debt into equity. 

See the rest of the story at Business Insider

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See Also:

• Adidas is using AI and 3D printing to cope with a plunge in sales during the coronavirus pandemic
• J.Crew is reportedly planning to file for bankruptcy
• Off-price stores like TJ Maxx and Ross are shut down, and it's making things worse for desperate clothing retailers

SEE ALSO: 'The big will get bigger': UBS expects 100,000 stores to close across the US in the next 5 years — and Walmart, Costco, and Target could be among the last left standing

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