The parent company, J. Crew Group, has emerged from bankruptcy, completing a four-month restructuring process involving sharply reducing its debt and bringing in new ownership.
As the new owner, Anchorage replaces TPG Capital, which owned 70 percent of J. Crew Group; Leonard Green & Partners, which owned 20 percent, and Millard “Mickey” Drexler, who had a 10 percent stake. Though restructured and out of bankruptcy, there’s still a turnaround required for the J. Crew brand, which has seen topline declines for many seasons, posing a real challenge for its chief executive officer, Jan Singer. The challenge for J. Crew is to find its own voice again, and it could further reduce its store fleet of 170 J. Crew doors and 170 J. Crew Factory outlets, and try to boost business through the J. Crew and J. Crew Factory web sites.
“We are energized by the opportunity ahead for the Madewell brand and ready to continue our momentum as we enter into a new phase of growth,” said Libby Wadle, ceo of Madewell. “We will remain focused on maintaining our place as a leader in denim and innovating to create a differentiated shopping experience. We are also continuing to grow our offering of everyday essentials and are well positioned to lead the casualization trend offering our customers clothes they want to wear now.