Madewell wants to stay “leader in denim” as J.Crew exits bankruptcy
American retailer J.Crew has emerged from bankruptcy with a new majority owner and access to a $400 million loan.
The loan is to help support ongoing operations and future growth initiatives.
Jan Singer, CEO of J.Crew Group said its strategy is “focused on three core pillars: delivering a focused selection of iconic, timeless products; elevating the brand experience to deepen our relationship with customers; and prioritising frictionless shopping.”
Madewell, the brand launched by J. Crew years ago that has recently toyed with spinning off on its own, is said to be “energised by the opportunity ahead”.
"We will remain focused on maintaining our place as a leader in denim and innovating to create a differentiated shopping experience,” said Libby Wadle, CEO of Madewell. “We are also continuing to grow our offering of everyday essentials and are well positioned to lead the casualisation trend offering our customers clothes they want to wear now."
Through the financial restructuring, J.Crew Group equitised more than $1.6 billion of secured debt. Anchorage Capital Group has has become majority owner, with GSO Capital Partners and Davidson Kempner Capital Management and others also taking part. The $400 million exit term loan is due in 2027.
