Clothing retailer J. Crew has filed for bankruptcy protection after struggling under the weight of a big debt load and a drop in sales due to the coronavirus outbreak.
The company said it will be restructuring and reorganizing its finances after reaching agreements with lenders along with Monday’s Chapter 11 filing.
Earlier this year it reported $1.7 billion in debt
The company, which also includes the Madewell brand, will continue operating its stores and online sales, and said it does not anticipate the coronavirus will affect the restructuring process.
