J.Crew Successfully Emerges From Chapter 11 Bankruptcy With New Owner

Equitizing more than $1.6 billion USD of secured indebtedness.

Fashion 
15,642 Hypes 5 Comments

J.Crew has now emerged successfully from its Chapter 11 bankruptcy with plans for long-term growth put in place after restructuring. Anchorage Capital Group has become its new majority owner following an equitization of more than $1.6 billion USD of secured indebtedness. Along with a new owner, the fashion brand has obtained a $400 million USD exit term loan from Anchorage, GSO Capital Partners, and Davidson Kepmner Capital Management, as well as a new $400 million USD ABL credit facility from Bank of America.

“We are immensely pleased to have completed this process swiftly, and we thank our customers, associates, vendors, and new owners for the dedication and support they have given us these past several months,” said J.Crew CEO Jan Singer. “Looking forward, our strategy is focused on three core pillars: delivering a focused selection of iconic, timeless products; elevating the brand experience to deepen our relationship with customers; and prioritizing frictionless shopping. As a reinvigorated company, we are committed to serving the changing life and style of today’s multifaceted consumer and to delivering long term, sustainable results.”

In other business-related news, Alicia Keys and the NFL have created a $1 billion USD fund for Black-owned businesses.

Read Full Article

What to Read Next

Ludacris Brings on Chance the Rapper for 'Found You'
Music

Ludacris Brings on Chance the Rapper for 'Found You'

The latest in a series of Timbaland-produced tracks from the artist.

UNDEFEATED Surprisingly Taps Starbucks for a Workout Collection
Fashion

UNDEFEATED Surprisingly Taps Starbucks for a Workout Collection

Debuting the duo’s UACTP diffusion line of performance gear.

MM6 Maison Margiela Reveals a Limited Edition BE@RBRICK
Design

MM6 Maison Margiela Reveals a Limited Edition BE@RBRICK

The 100% and 400% set looks to be flying off the shelves.

Wiz Khalifa's New 'Big Pimpin' Mixtape Goes Hard
Music

Wiz Khalifa's New 'Big Pimpin' Mixtape Goes Hard

With features by Curren$y, Chevy Woods and many more.

Allen Iverson Pays Homage to Dallas Cowboys With Reebok Question Mid Colorway
Footwear

Allen Iverson Pays Homage to Dallas Cowboys With Reebok Question Mid Colorway

Dressed in grey nubuck and blue suede.


Justin Bieber Teases a Mysterious New Project
Music

Justin Bieber Teases a Mysterious New Project

The artist provided fans a link to pre-save music to their streaming service.

'Wonder Woman 1984' Won't Be Here Until December
Entertainment

'Wonder Woman 1984' Won't Be Here Until December

Fans of the franchise will wait for a fourth time.

Cardi B and Megan Thee Stallion Launch 'Inside the WAP' Video Series
Music

Cardi B and Megan Thee Stallion Launch 'Inside the WAP' Video Series

Revealing rehearsal footage of the visual that dominated the summer.

Nike Adorns the Air Max 90 FlyEase With "Apple Green" Accents
Footwear

Nike Adorns the Air Max 90 FlyEase With "Apple Green" Accents

A fitting variant for the fall season.

DIME's Fall 2020 Lookbook Promises Cozy Functional Layers
Fashion

DIME's Fall 2020 Lookbook Promises Cozy Functional Layers

The collection releases on September 12 at 1pm EST.

More ▾
 
We got you covered. Don’t miss out on the latest news by signing up for our newsletters.

By subscribing, you agree to our Terms of Use and Privacy Policy.