J. Crew and Gold's Gym — two storied retail operations and classic American brands with a combined 127 years in operation — each filed for Chapter 11 bankruptcy protection on Monday as the economic fallout from COVID-19 lockdowns begins to take hold.
- J. Crew became the first national U.S. retailer to file for bankruptcy on Monday since the coronavirus pandemic caused stores to shutter. Others are expected to follow.
- Gold's Gym had previously closed more than two dozen of its gyms permanently. "No single factor has caused more harm to our business than the current COVID-19 pandemic," the company said.
Both companies are hoping to restructure and emerge from bankruptcy — and the pandemic — as viable operations.