With stores shuttered for weeks, employees furloughed and sales plummeting, many major retail stores, once shopping meccas, may not be able to survive the financial turmoil of the coronavirus pandemic. Clothing chain J. Crew filed for Chapter 11 bankruptcy on Monday, the first major retailer to fall
With stores shuttered for weeks, employees furloughed and sales plummeting, many major retail stores, once shopping meccas, may not be able to survive the financial turmoil of the coronavirus pandemic.
The J. Crew Group Inc. sought bankruptcy protection after shutting its 500 retail stores worldwide. According to a court filing by Michael J. Nicholson, the company's chief operating officer, the significant financial strain caused by COVID-19 will cost the company"$900 million in sales due primarily to store closures across all brands."
The company had been in the midst of a major turnaround before the pandemic hit. It had"successfully met or exceeded guidance on all five financial objectives for 2019, and saw comparable store sales improvement in six of eight merchandise divisions in the second half of 2019 over the first half," said Buchanan.
In a bankruptcy court filing, Forever 21 has requested permission from the court for an extension on the deadline to further work on its reorganization.Like many other shopping mall apparel retailers, Ascena's stores, which include Lane Bryant, Justice, Brooks Brothers, Loft and Ann Taylor, were dealing with shrinking sales long before the pandemic.
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