J.Crew files for Chapter 11 as pandemic chokes retail sector
Last updated 5/4/2020 at 11:13am
AP Retail Writer
NEW YORK (AP) — The owner of J.Crew is filing for bankruptcy protection, the first major retailer to do so since the pandemic forced most stores in the United States to close.
More retail bankruptcies are expected in coming weeks with thousands of stores still shuttered, though states have begun a staggered restart of their economies.
March sales at stores and restaurants had their most severe plunge on records dating back to 1992. Clothing sales fell more than 50% that month and, in the timeline of a pandemic, those may have been the good days.