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Meghan Markle is a fashion icon, and her classic yet simple style is admired and envied by many of her fans. However, one of the actress’s favorite brand has recently made a huge announcement–one that we’re sure that Markle is devastated to hear! J. Crew, one of the hallmarks of Markle’s wardrobe, is the first major US retailer to file for bankruptcy during the COVID-19 lockdown.
Markle’s love for J. Crew is well-known, and the trendsetter has even prompted several items to sellout after wearing them to events, including this J. Crew denim dress she wore to the US Open.
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Keep reading for everything we know about what’s next for J. Crew!
The retailer filed for Chapter 11 bankruptcy protection on May 4.
In a press release, J. Crew's CEO Jan Singer explained what this means for J. Crew going forward: "Throughout this process, we will continue to provide our customers with the exceptional merchandise and service they expect from us, and we will continue all day-to-day operations, albeit under these extraordinary COVID-19-related circumstances."
She continued, "As we look to reopen our stores as quickly and safely as possible, this comprehensive financial restructuring should enable our business and brands to thrive for years to come."
According to Forbes, "The company said it reached a deal to restructure $1.65 billion of debt by converting it into equity. Separately, the company secured $400 million in financing through existing lenders Anchorage Capital, LLC."
Luckily for Markle and other J. Crew fans, bankruptcy does not necessarily mean that J. Crew will close. In fact, when lockdown ends, the retailer plans to reopen almost all of its 500 stores.
