J. Crew Files for Bankruptcy, the First Major Retailer Pushed Over the Brink Posted byMadeline Stone and Mary Hanbury May 4, 2020 Leave a comment on J. Crew Files for Bankruptcy, the First Major Retailer Pushed Over the Brink The company said it had reached an agreement with its lenders to convert about $1.65 billion of its debt into equity. As of February, it had nearly $1.7 billion in debt.