J Crew emerges from bankruptcy with new owner
The business submitted for the defense in May because of the effects of Covid-19.
It suggests it is now “well-positioned for prolonged time period growth”. The completion of its restructuring method implies that US non-public equity organization Anchorage Cash Companions now owns a majority stake in the group.
The majority stakeholder has also delivered a $400m (£312m) senior secured time period personal loan together with GSO Cash Companions, Davidson Kempner Cash Management and other structures. J Crew has also secured a new $400m (£312m) Asset-Based Lending (ABL) credit rating facility owing in 2025 backed by the Lender of The usa.
Main government officer of J Crew Group, Jan Singer, stated: “Looking forward, our approach is concentrated on a few core pillars: delivering a concentrated assortment of iconic, timeless goods elevating the brand experience to deepen our romance with customers and prioritizing frictionless buying. As a reinvigorated organization, we are dedicated to serving the switching lifestyle and type of present day multifaceted consumer and to delivering prolonged time period, sustainable outcomes.”
Anchorage main government, Kevin Ulrich, extra: “We see an huge prospect for expansion and enlargement at [J Crew] and are self-confident [its] existing sturdy immediate-to-consumer and e-commerce platforms will place the organization to succeed in present day evolving retail landscape.”
