Well you can actually say that though we don’t know how bad it will actually get. J Crew Group filed for bankruptcy protection on 04 May with a plan to hand over control to lenders. The COVID-19 pandemic has now added one more retail store to the growing list of brick-and-mortar retailers pushed to the brink. J Crew is seeking to eliminate debt worth $2 billion in exchange for ceding 82% ownership to lenders. J Crew currently employs 13,000 people and is the first high profile store to go bankrupt after the pandemic. Other top retail names in the US like Neiman Marcus and J.C. Penney are also contemplating bankruptcy filings amid the crisis. J Crew is expected to get $400 million from private equity lenders and could emerge from bankruptcy by September 2020.