J. Crew files for bankruptcy!

[r2d2]

J. Crew Group, the apparel chain known for its preppy basics, filed for bankruptcy protection Monday, becoming the first national retailer to do so during the coronavirus pandemic.

The 73-year-old New York-based retailer was struggling to stay relevant long before the outbreak forced it to temporarily shutter all 492 of its J. Crew and Madewell stores. Analysts say a series of missteps, in both fashion and finance, have left the onetime mall darling with slipping sales and nearly $2 billion in debt.

Much of that debt stems from its 2011 acquisition by the private-equity firms TPG Capital and Leonard Green & Partners in a leveraged buyout.

Under the terms of its bankruptcy, J. Crew’s lenders will convert $1.65 billion of the company’s debt into equity. It also reached other agreements for financing that the company expects will allow it to continue to operate while going through Chapter 11.

[Katti_Ramdas]

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