J. Crew may be the next major retailer headed in bankruptcy, with a filing that could take place as early as this weekend.
CNBC, sourcing from unnamed “people familiar with the matter,” is reporting the clothing
apparel retailer is attempting to secure $400 million in financing that will enable it to continue operations while in bankruptcy.
J. Crew had roughly $2.5 billion in sales for its fiscal year that ended on Feb. 1, and CNBC cited Moody”™s estimates that the company carried approximately $93 million in total liquidity as of February plus 2021 debt maturities.
J. Crew, which was acquired by TPG Capital and Leonard Green & Partners for $3 billion in 2011, runs 182 retail stores under the J. Crew banner plus 140 stores under the Madewell brand. As of this writing, the company did not publicly comment on the CNBC report.
It is not certain whether a bankruptcy filing would result in the permanent closing of any stores. Within this region, J. Crew has a Connecticut presence in Greenwich, New Canaan and Westport, while across the New York border it has stores in Nanuet and White Plains. The Madewell stores are based regionally in Greenwich, Westport and White Plains.
