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Struggling fashion brand J. Crew emerged from bankruptcy this week with a lighter debt load and "well-positioned for long-term growth," its leadership team says.
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In the restructuring, New York-based J.Crew converted more than $1.6 billion of debt to stock and Anchorage Capital Group became the majority owner.
J. CREW FILES FOR BANKRUPTCY PROTECTION
The retailer now has $400 million in capital, obtained through a term loan due in 2027, and another $400 million through an asset-backed loan due in 2025.
"As a reinvigorated company, we are committed to serving the changing life and style of today's multifaceted consumer and to delivering long term, sustainable results," J.Crew Group CEO Jan Singer said.