J.Crew has filed for bankruptcy
that it had reached an agreement with its lenders to convert around $1.65 billion of its debt into equity. $1.7 billion in debtAccording to The Wall Street Journal, it had planned to leverage a 2020 IPO of its popular Madewell brand to lessen some of its debt. However,near the end of March as the company failed to reach a deal with lenders.
The retailer has had ups and downs in recent years. After going private in a leveraged buyout by TPG and Leonard Green & Partners in 2011, it experienced a bit of an identity crisis, raising prices when many shoppers were seeking more budget-conscious options. FormerDrexler left his post in 2017 after 14 years as CEO. J.Crew also lost longtime creative director Jenna Lyons and narrowly avoided bankruptcy around the same time.
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