J. Crew has just become the first major retailer to file for bankruptcy during the coronavirus pandemic.

The clothing brand, which also operates Madewell, filed for Chapter 11 bankruptcy on Monday morning. In a press release, the company says they plan to restructure $1.65 billion of debt into equity.

J Crew's CEO says they plan to continue business as usual and will reopen almost all of their stores after restrictions are lifted. The company currently operates 180 J. Crew retail stores, 140 Madewell stores, and 170 outlet stores. Online sales for J. Crew equate for more than 50% of their revenue.

According to CNN, J. Crew isn't the only retailer struggling. They report that Neiman Marcus and JCPenney "...are burdened by crushing debt loads."