NEW CANAAN, CT — Upscale clothier J.Crew is preparing to file for bankruptcy, writes CNBC and other media outlets. The retailer has six stores in Connectiut, including New Canaan and Westport.
The company, a favorite of former First Lady Michelle Obama during her husband's Presidency, could file as early as this weekend, as it seeks $400 million reportedly to continue operating while in bankruptcy.
Whether any store closures will accompany the bankruptcy filing was not disclosed.
While the coronavirus shutdowns have taken a toll on J.Crew and other retailers, the company was struggling under a massive debt load and a dwindling fan base before the pandemic. MarketWatch places the debt load at $1.7 billion.
In addition to the more than 180 J.Crew stores the company operates, it also has 140 Madewell clothing stores. Connecticut Madewell stores are in Westport, Greenwich and Farmington.