New York | J. Crew Group, the apparel chain known for its preppy basics, filed for bankruptcy protection on Monday (Tuesday AEST), becoming the first national retailer to do so during the coronavirus pandemic.
The 73-year-old New York-based retailer was struggling to stay relevant long before the outbreak forced it to temporarily shutter all 492 of its J. Crew and Madewell stores. Analysts say a series of mis-steps, in both fashion and finance, have left the one-time mall darling with slipping sales and nearly $US2 billion ($3.1 billion) in debt.
