J. Crew Files for Bankruptcy as Pandemic Continues to Hammer Retail Sector

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By 98 PXY

J. Crew confirmed that it was filing for Chapter 11 bankruptcy on Monday, the latest acknowledgement of how thoroughly the coronavirus pandemic has decimated the retail sector. The AP reports that sales at stores and restaurants plunged by the largest amount ever recorded in March, while parts of the economy--including the retail sector--were struggling to stay afloat even before the pandemic took hold. J. Crew clothing will continue to be available online, and the retailer says it plans to reopen stores once it's safe to do so and its bankruptcy restructuring progresses.