Feedback Here

fbook  tweeter  linkin YouTube
Global contents also translated in Chinese

J Crew wants lawsuit withdrawn

J Crew has asked creditors to agree to an out-of-court restructuring that would extend the maturity on bonds to 2021.

This would give the US fashion retailer more time to turn around its business and boost declining sales.

J Crew has also asked for the withdrawal of a lawsuit seeking to block its move of its intellectual property to an affiliated company. The retailer plans to pay the separate company for the use of its brand, which was opposed by some of the term loan holders, spurring the lawsuit.

GSO Capital Partners and Anchorage have already agreed to swap their bonds for the new ones and to end the lawsuit. The backing of these two creditors is important, because together they hold 28 per cent of J Crew's 1.5 billion dollar term loan and 67 per cent of the company’s approximately 500 million dollars in bonds.

J Crew is slashing prices in an attempt to tackle slumping sales and waning customer interest.

America’s favorite basics store is known for its lace jogging pants, skirts, tank tops, tees, dresses, fine Italian cashmere sweaters, sequin and lace-detailed skirts and playful jewelry.

J Crew has been an institution since 1983. It is renowned for its fresh, luxurious take on everyday staples.

 

 
LATEST TOP NEWS
 


 
MOST POPULAR NEWS
VF Logo