J. Crew is the first in what may be a large and unfortunate class in the retail industry.
The COVID-19 crisis has shuttered tens of thousands of stores around the country, and forced even relatively healthy companies into crisis mode, scrambling for cash and making painful choices about whether to pay employees, landlords and suppliers.
J. Crew belongs to a group of retailers that were already on the edge. It had unsustainable debt, instability in the C-suite, tens of millions of dollars in losses, and sales declines in its namesake banner so deep that some years it dragged down sales for the entire company. . . . more