Retail Giant J. Crew Files for Bankruptcy

J.Crew has filed for bankruptcy protection due to the COVID-19 pandemic, with plans to restructure its $1.7 billion debt into equity. Despite the filing, J.Crew intends to continue online operations and reopen stores as conditions allow. The retail industry has been severely impacted by the pandemic, with other companies like JCPenney and Neiman Marcus facing significant financial challenges. JCPenney has $4 billion in debt, while Neiman Marcus may also file for bankruptcy to manage its $4.3 billion debt.

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