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J Crew exits UK market


Known for its womenswear and menswear, American retailer J Crew has exited from the UK market. The retailer has closed all its six stores across the country. The debt ridden company was unable to keep pace with fast-changing fashion trends. The onslaught of the pandemic in March further broke its spine, forcing it to liquidate its UK business. Though the retailer tried to restructure its business in May 2020, it could not succeed at the attempt.

After exiting the UK market, the fashion retailer plans serve its customers across the country through its global digital platform.

Earlier this month, J Crew emerged from Chapter 11 bankruptcy with Anchorage Capital Group, LLC becoming its majority owner. The retailer now has $ 400 million in capital through a term loan due in 2027 and another $400 million via asset-backed loan due in 2025.