J. Crew files for bankruptcy protection
FILE PHOTO: A customer walks into a clothing retailer J.Crew store in Manhattan, New York, March 3, 2014. REUTERS/Mike Segar
They are also providing about $400 million of fresh financing to aid J. Crew’s operations, while it navigates Chapter 11 bankruptcy proceedings, the company said in a statement. Madewell will remain part of J.Crew Group and Libby Wadle will continue in her role as Chief Executive Officer of Madewell, the company added.
It also suffered after a strategic misstep of raising prices that turned off some shoppers. Talks in 2014 to sell J. Crew to Japan’s Fast Retailing Co, the owner of the Uniqlo apparel chain, fell apart. But its struggles continued. Millard “Mickey” S. Drexler, a longtime leader of the chain known for his fashion acumen who also at one point helmed Gap Inc , conceded he misjudged how technological developments would alter the retail landscape.
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