Apparel retailer J.Crew Group’s parent company Chinos Holdings filed for Chapter 11 bankruptcy protection early this morning in Virginia.
The company said it reached an agreement with a majority of the holders of both its loan and bonds, as well as its private equity backers TPG and Leonard Green, to exchange $1.65 billion in debt for equity.
It’s the first retailer with a significant amount of institutional debt to file for bankruptcy in the U.S. since the pandemic began.
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