J.Crew Group to Deleverage Balance Sheet and Position J.Crew and Madewell for Long-Term Growth

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On May 4, 2020, J.Crew Group, Inc., the parent company of J.Crew, J.Crew Factory and Madewell, announced a series of actions to restructure J.Crew Group’s debt and deleverage its balance sheet, positioning the brands for long-term success. J.Crew Group has reached an agreement with its lenders and financial sponsors, under which the Company will reduce its debt. To facilitate the agreed-upon restructuring, the company has voluntarily filed for Chapter 11 bankruptcy protection.

We are and will remain fully operational throughout this restructuring process. We will continue operating under the COVID response measures currently in place and look forward to reopening our stores in accordance with CDC guidance as quickly and safely as possible. In the meantime, we continue to offer the same high-quality products you love and great customer service you expect through our e-commerce platforms.

All customer programs, including J.Crew Rewards and Madewell Insider loyalty programs, gift cards, returns and exchanges, among others, will continue as usual.

J.Crew and Madewell are enduring and much-loved brands because of you. We greatly appreciate your support and are committed to bringing you styles you will love for years to come.

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This agreement with our lenders represents a critical milestone in the ongoing process to transform our business with the goal of driving long-term, sustainable growth for J.Crew and further enhancing Madewell’s growth momentum. Throughout this process, we will continue to provide our customers with the exceptional merchandise and service they expect from us, and we will continue all day-to-day operations, albeit under these extraordinary COVID-19-related circumstances. As we look to reopen our stores as quickly and safely as possible, this comprehensive financial restructuring should enable our business and brands to thrive for years to come.

– Jan Singer, CEO, J.Crew Group, Inc.

 

To maintain efforts to socially distance and do our part to protect and care for the health of our associates, customers and the public, our J.Crew, J.Crew Factory, and Madewell stores will remain closed until further notice. In the meantime, you can find us 24/7 online:

You can find the latest information on our COVID-19 response here for J.Crew & J.Crew Factory and here for Madewell.

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