(Reuters) – J. Crew Group Inc has tapped restructuring lawyers for the second time in as many years to explore options for reworking its debt, as the U.S. clothing chain struggles with falling sales and a dwindling cash pile, people familiar with the matter said on Thursday.
FILE PHOTO: A J.Crew store is seen in Manhattan, New York March 3, 2014. REUTERS/Mike Segar
The companys decision to once again seek help with its debt underscores the persistent business challenges J. Crew faces. A shift to pricier apparel turned off some shoppers, and the company faces competition from Amazon.com Inc and other e-commerce firms that have squeezed an array of traditional retailers.
The preppy fashion retailer in recent weeks enlisted restructuring at…
Read the full article at: https://www.reuters.com/article/us-jcrew-debt-restructuring/exclusive-j-crew-turns-again-to-debt-restructuring-lawyers-sources-idUSKCN1R920X