Today, retailer J.Crew announced the company has filed for Chapter 11 bankruptcy. They made the announcement which included that it had reached an agreement with its lenders to convert about $1.65 billion of its debt into equity. Like many other retailers J.Cre has been struggling over the years, they have also raked up $1.7 billion in debt.
They have been able to secure $400 million in funding from its lenders to navigate its way through the restructuring process. The company still plans to remain open though its online store.