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Photo: John Nacion/NurPhoto via Getty Images

J. Crew filed for bankruptcy Monday, reaching a deal with its lenders to convert $1.65 billion of debt into equity, Bloomberg reports.

Why it matters, via Axios' Dan Primack: It's one of the first major retail casualties of the coronavirus pandemic, though the chain was in serious financial trouble long before. The outbreak forced J. Crew, like its peers, to close its physical stores, but it also scuttled an IPO for jeans unit Madewell, which would have provided the company with fresh capital.

Go deeper

Aug 11, 2020 - Health

Georgia reports 137 coronavirus deaths, setting new daily record

Georgia Gov. Brian Kemp puts on a mask after speaking at a press conference. Photo: Elijah Nouvelage/Getty Images

A record 137 people have died from the coronavirus in Georgia on Tuesday, surpassing the state's record from last week, according to the Georgia Health Department.

By the numbers: Georgia is one of several states in the South that saw spikes in daily deaths on Tuesday, including Florida which had a record 276 deaths. Alabama and Tennessee recorded their second-highest daily death tolls at 50 and 38, respectively.

Updated Aug 11, 2020 - Sports

PAC-12 and Big Ten postpone fall sports due to coronavirus

Photo: Joe Robbins/Getty Images

The Big Ten and Pac-12 announced Tuesday that they've voted to postpone their 2020 fall sports seasons, including football, due to risks posed by the coronavirus pandemic, hoping instead to play in the spring.

Why it matters: The move from two of the most prominent conferences in college sports will almost certainly prompt other Power Five leagues to follow suit.

Aug 12, 2020 - Health

America's flying blind on its coronavirus response

Illustration: Aïda Amer/Axios

A month after the Trump administration changed how hospital data is reported, the public release of this data "has slowed to a crawl," the Wall Street Journal reports.

The big picture: This is the latest example of how the world's wealthiest country just can't get it together.