On Monday retailer J.
Crew filed for Chapter 11 bankruptcy.
The company said it had reached an agreement with its lenders to convert about $1.65 billion of its debt into equity.
As of February, J.
Crew had nearly $1.7 billion in debt.
J.
Crew is the first major US clothing retailer to file for bankruptcy during the Coronavirus pandemic.
According to Business Insider J.
Crew has struggled in recent years and experienced a bit of an identity crisis.
