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J.Crew Has Filed for Chapter 11 Bankruptcy

J.Crew Has Filed for Chapter 11 Bankruptcy

By Ambia Staley

Fashion retailer, J.Crew announced early Monday morning that it has filed for Chapter 11 bankruptcy in the United States.

This news may not be surprising to many, as businesses in Canada, the U.S., and other parts of the world are struggling to make profits amid the COVID-19 pandemic with many physical stores forced to keep their doors shut. J.Crew has also reportedly been in debt for years, with much of it stemming from a $3 billion US buyout in 2011.

In a statement on J.Crew's website, Chief Executive Officer Jan Singer says, "we will continue all day-to-day operations, albeit under these extraordinary COVID-19-related circumstances. As we look to reopen our stores as quickly and safely as possible, this comprehensive financial restructuring should enable our business and brands to thrive for years to come."

At this time, J.Crew will continue to operate through this restructuring, meaning you can still purchase clothes online, and once they reopen, in J.Crew stores.

There's currently no word of J.Crew store locations being permanently closed during the restructuring process. J.Crew currently has 2 store locations in Canada -- both in Toronto, as well as 3 J.Crew Factory store locations.

3 Comments

    • So now that j.crew has officially closed all stores in Canada, what do we Canadians do about gift cards they're stuck with?! As it was, J.Crew never allowed online shopping with gift cards on the Canadian website. I'm annoyed that I got stuck with a gift card from a return after 2 different sales associates had different opinions on a return I made. This was after they closed the Fairview store, after they closed the Eaton Centre store and their Bloor store always closed so early. Yorkdale is like getting to another City, and now that's closed too. As well as Vancouver, and anywhere else.
      Anyone ever been stuck with a gift card for a store that has gone out of business?!
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    • I never heard of j crew, what I miss?
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    • Not much, divx.
      Overpriced preppy clothing with a twist... often good quality. I got really into them when they had huge clearance sales and free shipping a few years ago. Sales during pandemic have not occurred. At least I haven't noticed, but also got kicked off their Canadian mailing list and put on their American one. No idea why. Also haven't paid much attention - yay no more need for work clothes!
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