The J Group.Crew, who operates the brands J.Crew and Madewell, declared bankruptcy.This is the first retail company of the United States that came into breakdown since the coronavirus pandemic was unleashed, which forced a wave of store closures.

The company reached an agreement with its creditors to capitalize around US $ 1650 million in debt.In addition, he signed a debtor financing agreement (DIP) for US $ 400 million with Anchorage Capital, GSO Capital Partners and Davidson Kempner Capital Management, among others.

This type of loans, common in the bankruptcy processes of the United States and Canada, are used to finance the continuity of operations during the contest and have priority over other existing debts.

Alsea, the Mexican graduate group of Burger King and Starbucks in Argentina, closes 13 premises in the country due to the complex macroeconomic context due to the progress of the coronavirus.These are five branches of the famous hamburger brand and eight from the American cafeteria chain.

The New York -based retail chain, known because its garments are used by former first lady Michelle Obama, hopes to remain in business and get out of bankruptcy as a profitable company.The company avoided bankruptcy in 2017 in an agreement with creditors that reduced the total debt and postponed the due dates of the obligations.

Millard "Mickey" S.Drexler, who directed GAP Inc, admitted that "miscalculated" how technological developments would alter the retail panorama.He put himself aside as J executive director.Crew in 2017 and last year he resigned his position as president of the Board.

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In addition to canceling the debt, J.Crew plans to close stores, although the final number of branches that will decrease is not yet determined, said a source familiar with the problem.

The coronavirus outbreak and the quarantine forced the company to temporarily close its almost 500 factory stores.Crew and Madewell stores.

Madewell will remain part of J.Crew Group and Libby Wadle will continue in their role as executive director of the firm.The Denim brand that had been scheduled for an initial public sales offer (OPI) and the group had planned to use the OPI's income to reduce its debt instead of using bankruptcompany.We will continue with all daily operations, said the executive president of J.Crew Group, Jan Singer, in a statement.

Before the pandemic, J.Crew already "struggled", along with other traditional retailers in the market, to compete amid the growth of electronic commerce.The company registered net losses of US $ 78.8 million in its last fiscal year, completed at the beginning of February, which represents a 34.3% reduction compared to the red one year before.As of March 2, 2020 (last data available), the company had five stores in the United States.

Economic analysts pointed out that it is likely that retail store closures accelerate in a world after COVID-19, and that the gap between well-positioned retailers and chains in difficulties is enlarged due to virus.

J.Crew began in 1983 and sold by catalog, before opening his first store in New York in 1989. La compañía, conocida por su ropa "preppy" (un estilo de ropa asociada con los estudiantes estadounidenses de preparatoria, de colores y estilos clásicos), fue comprada por las firmas de capital privado TPG Capital y Leonard Green & Partners en un acuerdo de u$s 3000 millones que se cerró en 2011.