J Crew has officially concluded Chapter 11 bankruptcy proceedings and has Anchorage Capital Group as its new majority owner. Looking forward, the company aims to focus on three core pillars: delivering a focused selection of iconic, timeless products; elevating brand experience to deepen relationship with customers; and prioritizing frictionless shopping. It remains committed to serving the changing life and style of today’s multifaceted consumer and to delivering long term, sustainable results.
Following its exit from bankruptcy, J. Crew has a new capitalization structure that includes a $400 million term loan due 2027 provided by Anchorage, as well as GSO Capital Partners LP and Davidson Kempner Capital Management, among others. The specialty retailer also has access to a new $400 million asset-based loan credit facility due 2025.
In addition to operating its core J Crew brand, the company owns the Madewell brand, which it had hoped to spin off. However, the company pulled the plug on a planned initial public offering in March as the economic landscape quickly took a nosedive. The financial restructuring converted over $1.6 billion of secured debt into equity in the reorganized company.
The American apparel retailer became the first national retailer to file for Chapter 11 bankruptcy court protection in the wake of the pandemic under its former parent company Chinos Holdings.