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J.Crew Is Reportedly Preparing to File for Bankruptcy

The retailer's filing could be as soon as a few days.
J.Crew Is Reportedly Preparing to File for Bankruptcy
IMAGE SHUTTERSTOCK
The retailer's filing could be as soon as a few days.

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.

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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.

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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.

For the latest COVID-19 cases, check out our reportr COVID-19 case tracker link.

For the latest news and updates on COVID-19, check out reportr.world/covid-19.

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

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