J. Crew the apparel chain known for its preppy clothing and designs, filed for bankruptcy protection Monday, becoming the first national retailer to do so during the coronavirus pandemic.
J. Crew started as a catalog-only retailer in 1982 and was having issues before the outbreak, which forced it to close all 492 stores.
The company also said it had reached a deal with its lenders to convert about $1.65 billion of debt into equity.
"As we look to reopen our stores as quickly and safely as possible, this comprehensive financial restructuring should enable our business and brands to thrive for years to come," CEO Jan Singer said on Monday.