- Crew Group, which operates the J. Crew and Madewell brands, has become the first national U.S. retailer to file for bankruptcy protection since the coronavirus pandemic forced a wave of store closures.
The clothing retailer said Monday that it has filed to begin Chapter 11 proceedings in federal bankruptcy court in the Eastern District of Virginia. The company also said it had reached a deal with its lenders to convert about $1.65 billion of debt into equity.
Experts predicted that Macy's will be next.