The Bankruptcy of J. Crew

 J. Crew is an American multi-brand retailer that was founded in 1947 by Mitchell Cinader and Saul Charles. The first name of the retailer was Popular Merchandise, Inc., it was changed to J. Crew in 1983. J. Crew is know for selling clothing, shoes, accessories, and jewelry. Despite J. Crew being an American company, there are locations in Canada, France, the UK, Hong Kong, and Japan. Like many stores, J. Crew started to have some financial issues. In The fourth quarter of 2019, J.Crew reported a net income of $1.5 million. A net loss of $74.4 million in the fourth quarter of 2018 was also reported. Some stores in Canada quietly closed down in 2019. If losing income wasn't bad enough, 2020 brings another challenge for J. Crew. When the COVID-19 pandemic was full-blown, J. Crew had to Chapter 11 bankruptcy protection.They were approved to exit the Chapter 11 bankruptcy in August 2020. All six of J.Crew's UK locations had to permanently close in September 2020. Any stores or chains that had financial issues before the outbreak had no choice but to go this lane.