Under the terms of the filing, its main creditors are set to take control of the group in exchange for cancelling debts of $1.65bn (£1.3bn).

They are also providing about $400m of fresh financing to keep J Crew's operations afloat.

Its 500 stores have been closed by the pandemic and some will not reopen.

However, the firm has not yet disclosed how many outlets will disappear.

Control of the group will now pass into the hands of Anchorage Capital Group, GSO Capital Partners and Davidson Kempner Capital Management, which hold large amounts of its debt.

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