This Heartbreaking News About Meghan Markle Just Got Out–She Must Be So Sad!

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.