By CBS3 Staff

PHILADELPHIA (CBS) — The owner of J.Crew is filing for Chapter 11 bankruptcy. It’s the first major retailer to file for bankruptcy since COVID-19 forced stores to close out of safety.

J.Crew said it reached a deal with its lenders to convert about $1.65 billion of debt into equity.

J.Crew, which also owns the Madewell brand, says it anticipates stores will reopen when it’s safe to do so.