J Crew Files For Bankruptcy
J Crew has become one of the first major retailers to file for bankruptcy amidst the Corona virus outbreak. The popular retailer known for it's preppy attire is reported to buried in $1.65 billion in debt. The closure of the J Crew stores is expected to cost the company an additional 900 million dollars.
J Crew was already experiencing financial problems and the business interruption caused by the virus was just the last straw. The company plans to file for chapter 11 which under US law allows for reorganization while providing some relief from debtors.
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