J Crew prepares to file for Chapter 11 bankruptcy | News

The retailer has been in talks with several creditors in excess of the earlier couple months, the Wall Street Journal has described. However, it is understood a deal has not been attained. 

Chairman Mickey Drexler remaining the business in January 2019, following much more than 15 decades at the corporation. The retailer appointed former Victoria’s Key CEO Jan Singer as its new main government earlier this yr.  

J Crew was taken personal in a leverage buyout in 2010, just before narrowly avoiding bankruptcy as section of a 2017 personal debt swap. 

The team recorded a web loss of $60.5m (£48.3m) for the first 50 percent of 2019, as opposed with a loss of $40m (£32m) in the very first 50 percent of 2018. J Crew product sales decreased 6% to $775m (£619m) in the period of time, whilst overall revenues improved 4% to $1.2m (£906,000). 

J Crew declined to comment.