J. Crew Group Inc has tapped restructuring lawyers for the second time in as man...
- J. Crew Group Inc has tapped restructuring lawyers for the second time in as many years to explore options for reworking its debt, as the U.S. clothing chain struggles with falling sales and a dwindling cash pile, people familiar with the matter said on Thursday.The company’s decision to once again seek help with its debt underscores the persistent business challenges J. Crew faces. A shift to pricier apparel turned off some shoppers, and the company faces competition from Amazon.
J. Crew, which was taken private in 2011 by TPG Capital and Leonard Green & Partners in a roughly $3 billion leveraged buyout, is also interviewing restructuring specialists at investment banks, the sources said. A bankruptcy filing is not currently on the horizon for J. Crew, which carries a debt load exceeding $1.7 billion, according to the sources, who spoke on the condition they will not be identified because the deliberations are confidential.
J. Crew’s term loan was trading around 66 cents on the dollar on Wednesday, according to financial information provider Refinitiv, reflecting investor concerns about the retailer’s financial health. J. Crew in 2017 reached a deal with creditors, including Blackstone Group LP’s GSO Capital Partners and Anchorage Capital Group, on a debt exchange that roughly cut in half nearly $567 million in bond obligations, and extended their due date by two years.
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