NEW: J. Crew files for bankruptcy as the retailer succumbs to the economic fallout from the coronavirus pandemic.
The coronavirus outbreak forced the company to temporarily close its nearly 500 J. Crew, J. Crew factory and Madewell stores. In addition, the economic fallout and market turmoil stemming from the public health crisis resulted in J. Crew shelving plans for an initial public offering of its Madewell business.
J. Crew had planned to use proceeds from the IPO to reduce its debt rather than use bankruptcy to address its strained finances, the person familiar with the matter said. It also suffered after a strategic misstep of raising prices that turned off some shoppers. Talks in 2014 to sell J. Crew to Japan's Fast Retailing Co, the owner of the Uniqlo apparel chain, fell apart.
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