Day: May 5, 2020

J. Crew files for bankruptcy as preppy retailer succumbs to COVID-19 fallout, Retail News, ET Retail

By : Mike Spector

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,

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Fashion insiders relish Anna Wintour backlash amid stalled Met Gala

Any other 12 months, the first Monday in May perhaps would find Anna Wintour perched atop the Metropolitan Museum of Art stairs in couture — presiding above a star-studded Satisfied Gala that would dominate the news cycle for days.

This 2020 extravaganza was going to be specially poignant. With the topic “About Time: Style and Length,” the gala was to mark the museum’s 150th anniversary. But like each individual key function in modern months, it has been postponed owing to the coronavirus pandemic.

In the meantime, Wintour, who is the two the Vogue editor-in-main and inventive director of publisher Condé Nast — as well as the identify powering the Met’s Anna Wintour Costume Middle —  has located herself in the headlines for considerably less savory good reasons.

Previous 7 days, an excerpt from former Vogue editor-at-big André Leon Talley’s memoir, “Chiffon Trenches,” revealed that he has been remaining with “huge

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