Didn't Survive Coronavirus: J. Crew Filed For Bankruptcy

J. Crew has filed for bankruptcy and asked for protection from creditors under Chapter 11 of the US bankruptcy law, allowing for reorganization of activities and freezing of debt payments. Retailers have experienced financial difficulties for a long time. The coronavirus pandemic has critically complicated the situation. Thus J. Crew became the first network to fail to cope with the economic consequences of COVID-19. We would like to remind that in March the revenue indicators of clothing and accessories stores decreased by more than 50%.

The company currently operates 182 J. Crew retail stores and 140 Madewell stores, a brand launched in 2006. J. Crew's celebrity fans included Michelle Obama, Kate Middleton, Melania Trump and Meghan Markle. The latter regularly appeared in the clothes of a democratic brand.

Previously, such large and once successful networks as Neiman Marcus and JC Penney, which failed to cope with economic difficulties, ceased to exist.