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J. Crew files for Chapter 11 bankruptcy

May 4, 2020 By Joe | Heads up: Buying via our links may result in us getting a commission. Also, we take your privacy rights seriously. Head here to learn more.

CNBC: J. Crew Files for bankruptcy

So here’s what that means:

  • The J. Crew website will operate as normal. For now.
  • They expect all gift cards, loyalty programs, and returns & exchanges to continue as usual.
  • This isn’t a liquidation.
  • To support operations through the bankruptcy process, they got an additional $400 million in funding from folks they already owe money to.
  • And as part of that “financial reorganization plan”, they “will hand over control to top creditors, including the hedge fund Anchorage Capital.“
  • J. Crew wants to try to reopen stores as quickly as possible to “continue all day-to-day operations, albeit under these extraordinary COVID-19-related circumstances.” So, they want to re-open stores, but obviously there are complicating factors.
  • Madewell (which has been a bright spot) stays put, and under the J. Crew umbrella.

Happy Monday.

Filed Under: Accessories, Clothing, Shoes Tagged With: J. Crew

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