J.Crew has filed for bankruptcy to clear $ 1.65 billion in debt and has released an official announcement on the company's website. J.Crew is the first major U.S. retailer to file for bankruptcy during the COVID-19 pandemic, affecting large and small businesses. But before you panic and wonder where to find the perfect Gingham swimsuit for summer or the trustworthy, well-tailored suit, you know the following: J.Crew doesn't plan to close its shops, and Madewell is safe too . J.Crew and Madewell will continue to monitor the corona virus and reopen retail locations as soon as this is certain. Madewell will continue to be part of J.Crew Group, Inc, which will own and operate 181 J.Crew stores, 140 Madewell stores, jcrew.com, jcrewfactory.com, madewell.com and 170 as of May 4.
It is also important to note that J.Crew and Madewell teamed up in our country's unprecedented crisis to give something back to the health care system and provide cotton face masks to customers to find a way to make positive use of manufacturing services given the current climate . Although J.Crew won't go anywhere yet, it's definitely disappointing to see some of our favorite companies struggling and we're sad to hear the news about J.Crew's financial problems. In this area you will find further information. In the meantime, read a message from Jan Singer, CEO of J.Crew Group:
"This agreement with our lenders is a key milestone in the ongoing process of transforming our business to drive long-term, sustainable growth for J.Crew and further improve Madewell's growth momentum. Throughout this process, we will continue to serve our clients with the exceptional goods and services that you expect from us and we will continue to operate day to day, albeit in these exceptional circumstances related to COVID-19.As we try to reopen our stores as quickly and safely as possible, this is it the case Comprehensive financial restructuring should allow our business and brands to be successful for years to come. "