J. Crew Becomes First
Major Retailer to File for
Bankruptcy Due to Coronavirus The decision to file for
Chapter 11 protection in federal
bankruptcy court was reached on Sunday night. Company control will move
from parent company Chinos Holdings
over to top creditors. J. Crew's e-commerce business
will continue and at least two brick-and-mortar stores
will open once lockdown restrictions have eased. Jan Singer, CEO, via 'The New York Times' Started in 1947, J. Crew was the
first mass-market brand allowed to
present part of its line at
New York Fashion Week in 2011. It is just one retail company that has
been hit extremely hard by
the coronavirus pandemic. Though J. Crew is the first to file for bankruptcy,
it is widely acknowledged that
it likely will not be the last.