Apparel retailer, J. Crew, filed for Chapter 11 protection on Monday. They will be represented by Weil, Gotshal & Manges LLP on the legal side, and Lazard is serving as an investment banker.
Their headquarters are located in New York City. The company’s declaration is reportedly the first from a national retailer due to the effects of COVID-19. J. Crew reached an agreement with lenders to restructure debt and deleverage its balance sheet.
They will convert approximately $1.65 billion of debt into equity. They also “secured commitments” for a debtor-in-possession financing facility of $400 million.
“As we look to reopen our stores as quickly and safely as possible, this comprehensive financial restructuring should enable our business and brands to thrive for years to come,” said Jan Singer, CEO of J.Crew Group.
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