J. Crew files for bankruptcy as preppy retailer succumbs to COVID-19 fallout, Retail News, ET Retail
J. Crew Group Inc filed for bankruptcy defense on Monday with a program to hand above handle to loan providers, including to a listing of brick-and-mortar retailers pushed to the brink by widespread keep closures in response to the COVID-19 pandemic.
The New York-based mostly chain, acknowledged for preppy garments at occasions worn by former initially woman Michelle Obama, filed for bankruptcy in a Virginia federal courtroom with an settlement to reduce its about $1.65 billion of financial debt in exchange for ceding possession to collectors. It is the initially significant retailer to are unsuccessful throughout the pandemic.
Anchorage Money Group, Blackstone Group Inc’s GSO Money Companions and Davidson Kempner Money Administration maintain important parts of J. Crew’s senior financial debt and are in line to take handle of the business.
They are also offering about $400 million of contemporary funding to assist J. Crew’s operations,