×
30 182
Fashion Jobs
L'OREAL GROUP
Manager - Brand Supply Management
Permanent · Clark
L'OREAL GROUP
Analyst-Finance
Permanent · Clark
TJ MAXX
70118-lp Detective
Permanent · Bloomfield Hills
HOMEGOODS
Loss Prevention Customer Service Associate
Permanent · Edina
TJ MAXX
70118-lp Detective
Permanent · Farmington Hills
MARSHALLS
Loss Prevention Detective
Permanent · Lynnwood
ROSS STORES
Store Protection Specialist
Permanent · Fresno
ROSS STORES
Store Protection Specialist
Permanent · Aiea
ROSS STORES
Store Protection Specialist
Permanent · Miami
ROSS STORES
Store Protection Specialist
Permanent · Kaneohe
FOOT LOCKER
Regional Loss Prevention Investigator
Permanent · Chicago
NORDSTROM INC
Operations Manager - 2nd Shift - Gainesville, fl
Permanent · Gainesville
NORDSTROM INC
Area Manager - 2nd Shift - Gainesville, fl
Permanent · Gainesville
NORDSTROM
Loss Prevention Security Ambassador Baton Rouge Mall Rack
Permanent · Baton Rouge
NORDSTROM INC
Asset Protection Manager - st. Johns Town Center
Permanent · Jacksonville
NORDSTROM
Loss Prevention Security Ambassador
Permanent · Birmingham
NORDSTROM
Asset Protection Security Ambassador 1 Portland Rack
Permanent · Portland
KOHLS
Full-Time Sales Supervisor - Softlines
Permanent · Bloomingdale
KOHLS
Senior Specialist Compliance Assessments
Permanent · Menomonee Falls
TAPESTRY
Manager, Site Operations
Permanent · New York
TAPESTRY
Manager, Omni Operations
Permanent · New York
L'OREAL GROUP
sr Mgr - Business Intelligence (Pro Brands)
Permanent · New York
Published
Sep 11, 2020
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

J.Crew emerges from bankruptcy, outlines new strategy

Published
Sep 11, 2020

New York-based apparel and accessories retailer J.Crew Group announced on Thursday that it has emerged from Chapter 11 bankruptcy and is now “well positioned for long-term growth.”


J.Crew initially filed for Chapter 11 bankruptcy in May 2020 - Instagram: @jcrew

 
Having initially filed for Chapter 11 in May of this year, the company received approval for its financial restructuring plan from a Virginia federal court at the end of August.
 
The completion of the restructuring process means that NYC-based Anchorage Capital Group, LLC now owns a majority stake in J.Crew Group, which has equitized more than $1.6 billion of secured indebtedness.

The company is also now capitalized with a $400 million exit term loan due 2027, which has been provided by Anchorage, alongside GSO Capital Partners LP, Davidson Kempner Capital Management LP and other structures.
 
Furthermore, the process has given J.Crew access to a new $400 million ABL credit facility due 2025, agented by Bank of America, N.A.
 
Looking to the future, J.Crew Group CEO Jan Singer said that the company’s strategy will be focused on three core pillars: offering a focused selection of products, augmenting the brand experience to improve the retailer’s relationship with customers, and “prioritizing frictionless shopping.”
 
In parallel, the group’s popular Madewell brand will seek to maintain its strong positioning in the denim segment and create a differentiated shopping experience, all while expanding its product offering in order to appeal to new customers.
 
“J.Crew and Madewell's ability to pair timeless classics with modern, fresh designs will never go out of style, and we intend to continue the legacies of these two iconic American brands with deeply loyal customers and strong, creative leadership teams,” said Anchorage CEO Kevin Ulrich in a release.
 
“We see an immense opportunity for growth and expansion at each brand and are confident their existing robust direct-to-consumer and e-commerce platforms will position the company to succeed in today's evolving retail landscape,” he added.
 
The announcement of J.Crew’s bankruptcy in May was one of a flurry of Chapter 11 filings from big-name retailers pushed to the brink by Covid-19-related store closures, which had a particularly negative impact on companies already struggling with slowing sales or overwhelming debt.
 
Other retailers filing for Chapter 11 bankruptcy at the time included Neiman Marcus Group, J.C. Penney Co Inc, and Brooks Brothers.

Copyright © 2021 FashionNetwork.com All rights reserved.