By: BethEl Nager
COVID-19 has impacted every element of our lives. Grocery shopping, chatting with friends, and going to work have either become a virtual experience or an opportunity to mask up and brave the world. This pandemic has also greatly affected the fashion industry. Despite the athleisure market boom, there are some apparel companies facing economic unrest. Major retailers including J.Crew, Neiman Marcus, JCPenney, and Stein Mart have filed for Chapter 11 bankruptcy. In fact, approximately 25 “retailers, big and small, have filed for Chapter 11 protection this year, far exceeding the number for all of last year.” Chapter 11 bankruptcy permits a business organization to devise a plan for the reorganization of its financial situation. Each company creates a strategy that will benefit them and satisfy their creditors. This reorganization plan is approved or denied by the court.