(WIVB) — J. Crew has filed for bankruptcy, making it the first national retailer in the U.S. to do so since the coronavirus pandemic began.
J. Crew plans to stay in business, though. Through Chapter 11 bankruptcy, the company seeks to convert roughly $1.65 billion in funded debt into equity.
According to the company’s statement, J. Crew has secured commitments for $400 million in new money debtor-in-possession financing from existing lenders.
Madewell will continue to be part of J. Crew Group, Inc.