J. Crew Files for Bankruptcy Protection
The J.Crew Group, which operates J.Crew and the fast-growing denim brand Madewell, has beonlinee the first national US retailer to file for bankruptcy since coronavirus forced nationwide store closures.
The clothing retailer filed to start Chapter 11 proceedings earlier this week and said in a statement that it expects to stay in business and emerge from bankruptcy as profitable. Madewell will also remain part of the business.
Note that all customer programs including loyalty programs, gift cards, returns and exchanges will continue as usual. Due to the ongoing public health crisis, J Crew has extended their return and exchange period to 60 days for all orders placed beginning March 1st, 2020.
CEO Jan Singer said,
“Throughout this process, we will continue to provide our customers with the exceptional merchandise and service they expect from us, and we will continue all day-to-day operations, albeit under these extraordinary COVID-19-related circumstances. As we look to reopen our stores as quickly and safely as possible, this onlineprehensive financial restructuring should enable our business and brands to thrive for years to onlinee.”
At the time of the filing, the J. Crew Group operated 181 J.Crew retail stores, 170 factory stores, and 140 Madewell stores.
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