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Old Pasadena could lose a familiar store after Chinos Holdings, Inc., the parent company of clothing retailer J. Crew, filed voluntary Chapter 11 petitions in the United States Bankruptcy Court for the Eastern District of Virginia, turning over control of the company to its creditors.
The stylized display windows of Pasadena’s only J. Crew have graced the corner of Fair Oaks and Colorado Boulevard
“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,” said J. Crew CEO Jay Singer. “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.”
Chinos Holdings also owns Madewell, another clothing store doping business on Colorado Boulevard.
Under the terms of a Transaction Support Agreement (TSA) submitted as part of the filing Monday, the company’s lenders will convert about $1.65 billion of the company’s debt into equity.
Seventeen of the company’s affiliates also filed for bankruptcy, a Chino Holdings statement said.
As of Monday, May 4, Chino Holdings Inc. operates 181 J. Crew retail stores, 140 Madewell stores, online stores www.jcrew.com, www.jcrewfactory.com, and www.madewell.com as well as 170 factory stores.
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