The retailer's problems started long before the pandemic:
Author:Dhani MauPublish date:May 4, 2020After years of declining sales, failed turnaround attempts and a revolving door of creative and business leadership, J.Crew officially filed for bankruptcy on Monday.
Chinos Holdings, the brand's parent company, filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Eastern District of Virginia on May 4. According to the Wall Street Journal, J.Crew has been in talks with lenders ever since March, when the company apparently cancelled its plans to take Madewell public. The company hoped that it would be able to use proceeds from that IPO to pay down some of its $1.7 billion in debt and provide more financial flexibility.
Cohesive leadership has been lacking as well. Mickey Drexler, who is largely credited with the brand's one-time success, took the company private in 2011 in a deal that left it with $1.5 billion in debt. He stepped down as CEO in 2017 and then as board chairman in 2019. The company operated without a CEO for over a year after Jim Brett left in November of 2018 following his own failed turnaround attempt. Former Victoria's Secret CEO Jan Singer was appointed this January. The J.
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Guillermo del Toro, Salma Hayek and Alejandro G. Iñárritu Announce Emergency Fund To Aid Mexican CrewGuillermo del Toro, Salma Hayek and Alejandro G. Iñárritu are among the names who have joined forces to form Sifonóforo, the Audiovisual Emergency Fund, in a response to fund the problems faced by …
Weiterlesen »
New Zealand Eases Border Controls After ‘Avatar’ Crew Allowed EntryThe government of New Zealand is to ease access to the country, it announced Friday, after it was accused of double standards following the decision to let filmmaker James Cameron and his crew into…
Weiterlesen »
Kurt Wimmer Wraps ‘Children Of The Corn’ Reboot In Australia After Cast & Crew Isolate Together During Lockdown ShootThere can’t be many examples of this – Kurt Wimmer, whose credits include writing and directing Equilibrium, has wrapped production on a feature film shot on set entirely during the lockdown.…
Weiterlesen »
Fox Books Files For BankruptcyNEW YORK—In a move that has shaken the already fragile publishing industry, struggling retail giant Fox Books officially filed for Chapter 11 bankruptcy Wednesday, sources confirmed.
Weiterlesen »
12 changes to Hollywood sets amid COVID-19More than two months after television and film productions screeched to a halt amid the COVID-19 pandemic, Hollywood is officially open again.
Weiterlesen »
Azealia Banks's Icy Prayer, Shamir's Accidental Quarantine Anthem, And More Songs We LoveThe BopShop is open for business, and this week we’re grooving to bops by NAEEMmusic, KAYTRANADA, and more
Weiterlesen »