Last week, rumours of J.Crew filing for bankruptcy swirled around the industry, and now the motion has officially been confirmed.
J.Crew filed for Chapter 11 Bankruptcy in May 2020, marking one of the first major retailers to do so since the coronavirus outbreak.
While J.Crew has filed for Chapter 11 Bankruptcy, its online operations will remain open throughout the restructuring.
The company also said that it anticipates that stores will reopen when it’s safe to do so, however, Canadian stores had already been dwindling prior to the government-mandated closures of non-essential businesses.
Last year alone, J.Crew closed prominent locations in Toronto malls like Sherway Gardens and CF Eaton Centre.
Whether J.Crew will continue to close its full-price Canadian stores or outlets is unknown at the moment. With that being said, filing for Chapter 11 Bankruptcy doesn’t always mean the end of a business, so we could see the American retailer turn things around in the future.
According to CTV News, this is just the beginning — more retail bankruptcies are expected in the upcoming weeks. Many retailers were teetering prior to the pandemic and with thousands of stores still closed, we will continue to see both big and small companies struggle to stay afloat.
We’ll keep you updated as this story progresses.
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