J.Crew emerges from bankruptcy: WSJ

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Apparel and accessories retailer J.Crew has emerged from bankruptcy, according to The Wall Street Journal. The company filed for chapter 11 bankruptcy protection in May amid a string of retail bankruptcy filings that included other iconic names like Brooks Brothers and Men’s Wearhouse. With stores closed, consumer shopping shifted to essentials and more casual clothing, and e-commerce on 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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