J.Crew has recently informed that the company has obtained the concessions as part of its “real estate optimization strategy”
and after discussions with landlords regarding improving store lease terms.
In May, New York City-based J. Crew Group Inc. filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Eastern District of Virginia.
As of Aug. 10, J. Crew said it operates 178 J.Crew retail stores, 145 Madewell stores, and 170 factory stores.
J.Crew said it expects to achieve cash savings of approximately $70 million in 2020 and approximately $60 million in 2021, assuming sales are in line with projections.
As of Aug. 9, J. Crew said it has re-opened 458 stores, representing approximately 95% of its total stores, following the store closings due to the Covid-19 crisis.
The company will continue to take a careful approach with respect to ongoing store operations to ensure compliance with appropriate safety protocols in line
with CDC guidelines and government regulations to protect its customers, associates and local communities,” J. Crew said in a statement.
J.Crew is just one of several national retailing chains to file for bankruptcy protection in the past few months as the retail industry was decimated during the Covid-19 crisis.
Other retail chains, such as Neiman Marcus Group, Brooks Brothers and J.C. Penney Co. have also filed for bankruptcy protection.