Retail store J. Crew announced that it has emerged out of bankruptcy.
In May, the apparel and accessories retailer company filed for bankruptcy amid the coronavirus pandemic.
On Thursday, the company said it equitized more than $1.6 billion of debt with Anchorage Capital Group, L.L.C., which is not its majority owner, and it's now well-positioned for long-term growth.
Jan Singer, Chief Executive Officer of J. Crew Group, said in the press release that its strategy focuses on three core pillars: delivering a focused selection of products, brand experience, and what it calls 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," Singer said in the release.
J.Crew Group operates 170 J.Crew retail stores, 142 Madewell stores, and 170 J.Crew Factory stores throughout the nation.