Clothing apparel company J. Crew files for bankruptcy, the first major retail bankruptcy of the coronavirus pandemic.

  • J. Crew struggled under a heavy debt load amidst decreasing sales.
  • The company said Monday it has reached a deal with stakeholders to convert $1.65 billion of its debt to equity.
  • It has secured $400 million from existing lenders to fund operations through bankruptcy.
  • The retailer operates 182 J.Crew retail stores, as well as 140 Madewell stores.
  • In a statement, J. Crew said it will continue all day-to-day operations and reopen stores “as quickly and safely as possible”.