American clothing retailer J. Crew, known for its preppy-style range of women’s, men’s and children’s apparel, has filed for bankruptcy.
J. Crew Group said that in a statement released today that it had agreed to deleverage its balance sheet with financial sponsors to secure “long-term success” for J. Crew and its subsidiary, Madewell. Under the terms of the agreement, J. Crew’s lenders, including hedge fund Anchorage Capital, will convert around $1.65bn of debt into equity.
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