Friday, 24 July 2020

J. Crew to close 8 stores



J.Crew is set to close at least eight of its brick-and-mortar locations, according to a July 10 filing. 

The eight affected stores are located across the United States, including in Tennessee, California, Washington, D.C., New York, Minnesota, and Illinois. Each store's lease will be rejected as of August 25.

The closings come after the company filed for Chapter 11 bankruptcy on May 4. 

On June 12, J. Crew Group – which owns both J. Crew and Madewell – announced that it had filed a notice with the U.S. Bankruptcy Court to reject 67 store leases, and said that it would "remove a store lease from the rejection list in the future if it reaches an acceptable resolution with the affected landlord."

As of June 12, the company operated 181 J.Crew retail stores, 140 Madewell stores, 170 factory stores, jcrew.com, jcrewfactory.com, and madewell.com.

Already struggling with sliding sales prior to the Covid-19 pandemic, J. Crew was thrown into further turmoil when the health crisis forced the group to temporarily close its nearly 500 stores and resulted in the postponement of its Madewell IPO. 

In June, the company announced its latest reopening of 171 stores under its phased reopening process.

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