Clothing brand J.Crew has filed for bankruptcy.
It's the first national U.S. retailer to file for Chapter 11 bankruptcy-protection since the coronavirus pandemic forced a wave of store closures.
J.Crew group said it filed to start proceedings in federal bankruptcy court in the eastern district of Virginia.
The clothing retailer also said it reached a deal with its lenders to convert about $1.65 billion of debt into equity.
J.Crew group expects to stay in business and emerge from bankruptcy as a profitable company.
The company also operates the fast-growing denim brand “Madewell,” which was slated for an initial public offering, but now it will remain part of the J.Crew group.
