Beijing time on May 1, according to CNBC, people familiar with the matter said that American clothing retailer J.Crew may file for bankruptcy protection as early as this weekend.
Sources said the privately held company is trying to obtain $400 million in financing to help it maintain operations during bankruptcy reorganization.
The New York-based retailer was already struggling under a heavy debt load and sales challenges, with the coronavirus outbreak exacerbating its woes.
The company currently operates 182 J.Crew retail stores and 140 Madewell stores, the latter being a youth-oriented brand launched by the company in 2006.
J.Crew joins Neiman Marcus and J.C. Penney among other retailers facing bankruptcy due to the coronavirus pandemic. These companies were already in financial trouble before the outbreak, and the lockdown measures caused by the epidemic have dealt a fatal blow to them.
