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American retailer J. Crew files for bankruptcy

14:22, May 4

American retailer J. Crew has filed for bankruptcy.

Currently, J. Crew has a debt of $ 1.7 billion. According to The Business of Fashion,  J. Crew was forced to close most stores amid the coronavirus pandemic, which only worsened the company's position.

In late January, J. Crew appointed a new CEO, Jan Singer, who had previously held a similar position in Victoria's Secret and had worked with Nike for ten years. Singer was supposed to help the company solve financial problems, but it failed to keep up with online stores and return the retailer to its former popularity.

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