Earlier than it grew to become acceptable to put on no pants at work (thanks, lockdown), earlier than it grew to become acceptable to put on yoga pants at work, earlier than it grew to become acceptable to put on skinny jeans to work, there have been khakis. And gingham costume shirts. And blazers. You may purchase all that AND a pearl necklace at J.Crew, the once-iconic one-stop-shop (and catalog) for mainstream preppies. For years, vogue traits and on-line procuring have been powerful on J.Crew.
Now, the coronavirus has left the retailer gasping for air.
J.Crew filed for Chapter 11 chapter on Monday, that means it should reorganize to repay its money owed. J.Crew’s lenders have agreed to transform $1.65 billion of the corporate’s debt into inventory. The corporate additionally obtained $400 million in financing. It’ll proceed e-commerce gross sales and nonetheless plans to reopen shops as lockdown restrictions are lifted.
The struggling firm initially had deliberate an IPO of its Madewell model to assist it pay down its debt, however canceled these plans after the coronavirus lockdowns shut down shops world wide. As of right this moment, the corporate operates 181 J.Crew shops, 140 Madewell shops, 170 manufacturing unit shops, jcrew.com, jcrewfactory.com, and madewell.com.