Where’s a Michelle Obama endorsement when you really need one? On Monday, the parent company of J.Crew, the former First Lady’s go-to purveyor of sparkly cardigans, filed for Chapter 11 bankruptcy protection in a US court.
That filing makes J.Crew the first of what analysts expect to be many American retail casualties of Covid-19. Not that it comes as a complete surprise.
The pandemic may have administered the coup de grace, but J.Crew had been struggling for years. For its most recent fiscal year, the company reported net losses of $78.8 million - a terrible-sounding performance that actually represented an improvement from its $120 million in losses the year before.
Read more on telegraph.co.uk