COVID-19 Heartbreak: Meghan Markle Receives SAD News Amid Lockdown
Meghan Markle received another heartbreaking news amid the coronavirus pandemic.
In 2019, Meghan became the most powerful dresser after she topped fashion-related searches, global media coverages, and other trending list on social media. The recognition came out after global fashion search engine "Lyst" analyzed the fashion data of the year.
However, the Duchess of Sussex might sport lesser great finds after her most-loved brand, J. Crew, filed for bankruptcy protection.
On Monday, the fashion brand J. Crew became the first "national retail casualty" of the prolonged coronavirus pandemic lockdown. They were forced to close most of their stores, pushing them to bankruptcy.
The duchess sported J.Crew's products ever since she became part of the royal family.
Back in September 2019, she flaunted the brand's $132-worth denim shirt during the U.S. Open. This caused that particular piece to be sold-out hours after people saw Meghan wearing it. It marked the first time the royal duchess caused an item from a store to sellout immediately.
During Meghan and Prince Harry's recent visit to South Africa, she also showed off a $145 monochrome skirt from the brand.
In 2018, she packed her luggage with clothing from J. Crew and wore them during her appearances in Birmingham in March 2018 and royal tour in New Zealand in March 2018.
The Duchess did not only love the brand's garments, as she also showed off J. Crew's rattan clutch when she and Prince Harry went to the Sentebale Polo Cup in August 2019.
What Exactly Happened To J.Crew?
J.Crew began its Chapter 11 proceedings in the Eastern District of Virginia as it reached $1.65 billion worth of debt.
To convert it into equity, they allowed their main creditors to take over while the lenders will also provide around $400 million just to keep the brand's operations ongoing.
"This agreement with our lenders represents a critical milestone in the ongoing process to transform our business with the goal of driving long-term, sustainable growth for J.Crew and further enhancing Madewell's growth momentum," Jan Singer, the Chief Executive Officer of J.Crew Group, said in a statement posted on their website.
He also described the move as a "financial restructuring" that would help them facilitate a smooth transition and allow the business to thrive for years to come.
J.Crew began to serve the public as a catalog-only retailer back in 1983 before it opened its first official store in New York City in 1989. The clothing brand operates over 500 stores, which include J.Crew, Madewell, and J.Crew factory stores.
"Madewell was supposed to be the saving grace. This is an asset that lenders were fighting over for years," Reshmi Basu, an expert in retail bankruptcies at Debtwire, said. "But no one wants to do an IPO right now, especially a retail IPO. Covid-19 upturned everything."
Currently, a debt-free J. Crew has been reborn after the agreement between the company and its lenders took place. Though they became the first one to file for bankruptcy, it is unlikely to be the last as Brooks Brothers is also reportedly exploring selling itself.
