May 4, 2020 5:06 am ET
J.Crew Group Inc., the preppy U.S. retailer that recently fell on hard times, Monday filed for bankruptcy protection, as several high-profile companies in the U.S. battle with the economic and financial impact of the coronavirus pandemic. The retailer said it has reached an agreement with its lenders to restructure its debt, under which the lenders have agreed to convert $1.65 billion of J.Crew’s debt into equity.
J Crew has been on the road to bk for years. Pandemic simply hastened the inevitable.
Jcrew had multiple co-morbidities; it's old, obese (excessive debt from prior LBO), and still dependent on brick and mortar.
JCrew, Gap, BrooksBrothers is next. How does KJP stay in business ? I went to college and like preppy women but I was also enlisted veteran navy diver and have never been preppy successful like the image they sell. You need to be Belichick to live on nantucket. nepotism
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How the hell did they secure any kind of financial lifeline, J.Crew has been a shadow of what it used to be for over a decade now.
lenders have agreed to convert $1.65 billion of J.Crew’s debt into equity. Separately, the U.S. company has also secured a financing facility of $400 million from some existing lenders WHAT?!
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