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Andrea Felsted

J. Crew Is the First of Many Retail Casualties

Other chains are grappling with the same issues: heavy debt loads, shuttered stores and a shopping landscape that may be permanently altered.

A onetime trendsetter files for bankruptcy.

A onetime trendsetter files for bankruptcy.

Photographer: Brent Lewin/Bloomberg
Updated on

Even as some retailers begin to open stores again, the pain across malls and main streets continues to take its toll.

J. Crew Group Inc. on Monday said it would begin pre-arranged Chapter 11 bankruptcy proceedings and enter into a $1.65 billion debt-for-equity swap with its lenders, becoming the first major U.S. retailer to succumb to the economic convulsions caused by the coronavirus pandemic. It won’t be the only casualty.