clothing chain struggles with falling sales and a dwindling cash pile, people familiar with the matter said on Thursday.
Weil lawyers with capital markets and mergers and acquisitions expertise are also involved in the discussions with J. Crew, one of the sources said. In a statement to Reuters on Thursday, the company did not directly address whether it has approached restructuring lawyers, but said it has"been evaluating and executing on opportunities to strengthen J. Crew's balance sheet" and that its top priority this year is to return its flagship brand to profitability and sustain momentum for its quickly growing Madewell apparel business.A TPG spokesman declined to comment.
The New York-based retailer is in the early stages of exploring options for its debt that could include a refinancing, the sources said. The discussions are aimed at addressing looming debt maturities in 2021, one of the sources added.