J.Crew has now emerged successfully from its Chapter 11 bankruptcy with plans for long-term growth put in place after restructuring. Anchorage Capital Group has become its new majority owner following an equitization of more than $1.6 billion USD of secured indebtedness. Along with a new owner, the fashion brand has obtained a $400 million USD exit term loan from Anchorage, GSO Capital Partners, and Davidson Kepmner Capital Management, as well as a new $400 million USD ABL credit facility from Bank of America.
“We are immensely pleased to have completed this process swiftly, and we thank our customers, associates, vendors, and new owners for the dedication and support they have given us these past several months,” said J.Crew CEO Jan Singer. “Looking forward, our 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 prioritizing frictionless shopping. 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.”
In other business-related news, Alicia Keys and the NFL have created a $1 billion USD fund for Black-owned businesses.