J. Crew Group Inc submitted for bankruptcy safety on Monday with a program to hand more than manage to lenders, incorporating to a listing of brick-and-mortar stores pushed to the brink by widespread shop closures in reaction to the COVID-19 pandemic.
The New York-primarily based chain, recognised for preppy clothing at occasions worn by former 1st woman Michelle Obama, submitted for bankruptcy in a Virginia federal courtroom with an arrangement to eradicate its roughly $1.sixty five billion of credit card debt in exchange for ceding ownership to creditors. It is the 1st significant retailer to fail for the duration of the pandemic.
Anchorage Capital Group, Blackstone Group Inc’s GSO Capital Partners and Davidson Kempner Capital Management hold significant parts of J. Crew’s senior credit card debt and are in line to consider manage of the firm.
They are also giving about $four hundred million of clean