J. Crew Emerges From Bankruptcy
J. CREW EMERGES FROM BANKRUPTCY
(CNN) – J. Crew is officially out of bankruptcy and the company says it’s now well-positioned for long-term growth.
J. Crew filed for bankruptcy in May amid the coronavirus pandemic though experts say the retailer was already struggling due to high levels of debt and a failure to keep up with fashion trends.
J. Crew equitized more than $1.6 billion of debt with Anchorage Capital Group, which is now its majority owner.
The company says its new strategy focuses on three core pillars; delivering a focused selection of products, brand experience, and what it calls friction-less shopping.
The apparel and accessories retailer operates J. Crew, Madewell Brand and J. Crew factory stores in nearly every state in the country.