J. Crew Reportedly Filing for Bankruptcy
A retailer with multiple locations in the Hudson Valley is preparing to file for bankruptcy.
CNBC reports that J.Crew, an apparel company, is preparing to file for bankruptcy. The filing could come as soon as the weekend of May 2, 2020. J. Crew is a private company. Currently, it is working to secure $400 million to fund operations in bankruptcy.
According to CNBC, J. Crew was already having difficulties prior to the COVID-19 pandemic. The company had a large number of debts and slipping sales. Critics said the brand became out of touch. They had also lost design chief Jenna Lyons nad executive Mickey Drexler. CNBC reports that the problems they already had have become worse due to the pandemic, by forcing its stores to close.
In the lower Hudson Valley, J. Crew has a location at the Woodbury Common Premium Outlets and the Shops at Nanuet.
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