No sir, they weren’t the first, and neither is Chesapeake Engery (CHK). Sears too, others. The domino row is already rolling. Democrats and the media own this.
The original LBO from a decade ago involved too much debt. It was already in trouble a year ago, at a time when the Federal Reserve rate was near zero.
The company’s decision to seek help with its debt once again underscores the persistent business challenges J. Crew faces despite recent turnaround and financial restructuring efforts. A shift to pricier apparel turned off some shoppers, and J. Crew faces competition from e-commerce firms such as Amazon that have squeezed an array of traditional retailers.
The preppy fashion retailer in recent weeks enlisted restructuring attorneys at Weil, Gotshal & Manges LLP, the law firm that helped negotiate a previous debt workout for the company and most recently steered department store operator Sears through bankruptcy proceedings, the sources said.
Weil lawyers with capital markets and mergers and acquisitions expertise are also involved in the discussions with J. Crew, one of the sources said.
J. Crew, which was taken private in 2011 by TPG Capital and Leonard Green & Partners in a roughly $3 billion leveraged buyout, is also interviewing restructuring specialists at investment banks, the sources said.]
Winnowing the herd...
• Bezos owns the Washington Post, which is ground zero for anti-Trump fear mongering1. Stop all USPS subsidy of Amazon• Bezos also owns Amazon, which is profiting mightily by home delivery while destroying brick and mortars and small businesses
I’ve never heard of J Crew.
Thought the gangbangers and drug dealers kept them afloat, ha!