J.Crew Group recently announced that a Virginia bankruptcy court has approved its reorganisation plan, as a result of which it expects to emerge from Chapter 11 in September, after satisfying the customary conditions. The plan will equitise over $1.6 billion of secured debt, offer a $400-million exit asset-based lending facility and $400 million in new term loans.

"The confirmation of our plan of reorganization is another significant milestone in our path to transforming our business to drive long-term, sustainable growth for J.Crew and further advance Madewell's growth momentum," said Jan Singer, chief executive officer of J.Crew Group, in a statement.

J.Crew Group is an omni-channel retailer of women's, men's and children's apparel, shoes and accessories. It operates 170 J.Crew retail stores, 141 Madewell stores and 170 J.Crew Factory stores in nearly every state in the United States.

Fibre2Fashion News Desk (DS)

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