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