J. Crew Is the First of Many Retail Casualties: Andrea Felsted (1)

Even as some retailers begin to open stores again, the pain across malls and main streets continues to take its toll.

J. Crew Group Inc. on Monday said it would begin pre-arranged Chapter 11 bankruptcy proceedings and enter into a $1.65 billion debt-for-equity swap with its lenders, becoming the first major U.S. retailer to succumb to the economic convulsions caused by the coronavirus pandemic. It won’t be the only casualty.

Other chains are grappling with the same issues: heavy debt loads, compounded by the damage done from locations closed for weeks. Neiman Marcus Group Inc. is closing in on a bankruptcy deal with a group ...