J. Crew emerges from bankruptcy: Wall Street Journal

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Apparel and accessories retailer J. Crew has emerged from bankruptcy, according to a Wall Street Journal report. The company filed for Chapter 11 bankruptcy protection in May after a protracted struggle amid a string of retail bankruptcy filings that included filings by fellow notable including Brooks Brothers and Men’s Wearhouse. With stores closed, consumers shifted their shopping to essentials and more casual clothing, and e-commerce registered a sharp rise, companies that had been struggling prior to the pandemic found themselves in an even worse position. On Thursday, Century 21 announced that it would begin to wind down operations at its 13 stores. J.Crew has swapped $1.6 billion in debt with Anchorage Capital Group LLC, which is now the majority owner of the company. J.Crew has a $400 million exit term loan from Anchorage, GSO Capital Partners LP and others due 2027, and a $400 million asset-based lending credit facility due 2025 from Bank of America NA. Ahead of the bankruptcy filing, J.Crew had filed to take the Madewell brand public.
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