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- 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”.