After struggling with slumping sales and huge debt, J.Crew, the New York apparel company, has also filed for bankruptcy. Temporary closure of all locations to contain the spread of COVID-19, the sales reduced significantly. Additionally, the major part of the debt was due to leveraged buyout by private equity firms- Leonard Greens & Partners and TPG Capital, which bought it in 2011 for $3 billion. The company planned to ease some part of its debt by taking Madewell, its most successful brand public in spring 2020. However, the pandemic slowed down the economy, and the business suffered.