April 30 2020

Reports Say J. Crew Preparing to File for Bankruptcy


A clothing apparel company with a location in the Burlington Mall is reportedly planning to file for bankruptcy. 


CNBC, among other outlets, is reporting that J. Crew is working to secure $400 million in financing to fund operation in bankruptcy. CNBC quoted anonymous sources familiar with the matter. 


J. Crew has not made any public statements. 


J. Crew, founded in 1947 under the name Popular Merchandise, has 182 retail locations and 140 Madewell stores, a brand aimed at younger consumers that was founded in 2006. The company offers an assortment of women's, men's, and children's apparel and accessories, including swimwear, outerwear, lounge-wear, bags, sweaters, denim, dresses, suiting, jewelry, and shoes.


According to the report the business had been struggling under a heavy debt load before retail locations across the country closed due to the Coronavirus pandemic. Also according to reporting the filing could come as soon as this weekend.


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