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.
J.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.
The 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.
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*This story originally appeared on Esquiremag.ph. Minor edits have been made by the Preview.ph editors.