J.Crew Is Reportedly Preparing to File For Bankruptcy

J.Crew, the go-to retailer for everything from jeans and jackets to sneakers and suits, is reportedly preparing to file for bankruptcy.

CNBC reports that the clothing company's filing could be as soon as a few days. According to the report, the group has been trying to secure a $400-million financing arrangement.

As of February, J.Crew has had a debt load of $1.7 billion. Currently, J.Crew operates 182 stores along with 140 of the spin-off brand Madewell.

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Did you know? Ireland’s Baird McNutt mill (aka where the linen for these shirts comes from) is a fourth-generation family business.>pA post shared by J.Crew Men's (@jcrewmens) on Apr 10, 2020 at 9:13am PDT>p

>pJ.Crew has been taking steps within the combat toward the COVID–19 pandemic. The brand pledged to donate 75,000 single-use masks to Montefiore Health System hospitals in New York to help health workers and frontliners. In April, the brand announced its production of patterned face masks, including gingham.>pThe news comes as dozens of retailers struggle with the effects of the coronavirus pandemic. Several other retailers, including department stores, are reportedly eyeing bankruptcy options.>p