Retailer J. Crew Poised for Bankruptcy, According to Multiple Reports
GoLocalProv Business Team
Retailer J. Crew Poised for Bankruptcy, According to Multiple Reports
J. Crew has stores at Garden City and Providence Place.Clothing apparel company J. Crew is preparing for a bankruptcy filing, according to reports.
Both CNBC and the Wall Street Journal report that the filing is imminent.
“J. Crew is working to secure $400 million in financing to fund operations in bankruptcy, said people who requested anonymity because the information is confidential. They cautioned that timing could still slip, and plans are not yet finalized,” reports CNBC.
J. Crew has stores at Providence Place Mall and at Garden City Center.
The retailer operates 182 J. Crew retail stores, and 140 Madewell stores -- J. Crew had hoped to spin off Madewell in an IPO that could have helped pay down its debt load, but faced pushback from creditors.
"J. Crew had roughly $2.5 billion in sales for its year ended Feb. 1, according to Moody’s. The research firm estimates that it had roughly $93 million in total liquidity as of February and looming 2021 debt maturities," reports CNBC.
The company was acquired by TPG Capital and Leonard Green & Partners for $3 billion in 2011.
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