J.Crew — With New Canaan Store — Prepares For Bankruptcy: Report

NEW CANAAN, CT — Upscale clothier J.Crew is preparing to file for bankruptcy, writes CNBC and other media outlets. The retailer has six stores in Connectiut, including New Canaan and Westport.

The company, a favorite of former First Lady Michelle Obama during her husband's Presidency, could file as early as this weekend, as it seeks $400 million reportedly to continue operating while in bankruptcy.

Whether any store closures will accompany the bankruptcy filing was not disclosed.

While the coronavirus shutdowns have taken a toll on J.Crew and other retailers, the company was struggling under a massive debt load and a dwindling fan base before the pandemic. MarketWatch places the debt load at $1.7 billion.

In addition to the more than 180 J.Crew stores the company operates, it also has 140 Madewell clothing stores. Connecticut Madewell stores are in Westport, Greenwich and Farmington.

Read the CNBC story; read the MarketWatch story.