J.Crew Group, Inc. Announces Confirmation of Plan of Reorganization

NEW YORK, Aug. 25, 2020 /PRNewswire/ -- J.Crew Group, Inc. ("J.Crew Group" or the "Company") announced today that the United States Bankruptcy Court for the Eastern District of Virginia has confirmed the Company's Plan of Reorganization (the "Plan"). As a result, the Company expects to emerge from Chapter 11 in early September, after it has satisfied the customary conditions to the effectiveness of the Plan.

The Plan, which has widespread support across the Company's stakeholders, will equitize over $1.6 billion of secured indebtedness, and provide a $400 million exit ABL facility and $400 million of new term loans.

"The confirmation of our plan of reorganization is another significant milestone in our path to transforming our business to drive long-term, sustainable growth for J.Crew and further advance Madewell's growth momentum," said Jan Singer, Chief Executive Officer of J.Crew Group. "Throughout the financial restructuring process, we have continued to honor our longstanding commitment to our customers of providing them with the products they love and the service they have come to expect. We thank our associates, customers, vendors, landlords and lenders for their support, which has enabled us to efficiently move through this process while navigating our business through the current environment. As we move towards emergence, we look forward to continuing to position J.Crew and Madewell for long-term success."

For additional information about J.Crew Group's restructuring, including access to court filings and other documents related to the Court-supervised process, please visit www.omniagentsolutions.com/chinos, call (866) 991-8218 (U.S. & Canada) and (818) 924-2298 (International), or email [email protected].

Weil, Gotshal & Manges LLP is serving as legal counsel, Lazard is serving as investment banker and AlixPartners, LLP is serving as restructuring advisor to J.Crew Group, Inc. Anchorage Capital Group and other members of an ad hoc committee are represented by Milbank LLP as legal counsel and PJT Partners LP as investment banker.

About J.Crew Group, Inc.
J.Crew Group, Inc. is an internationally recognized omnichannel retailer of women's, men's and children's apparel, shoes and accessories. As of today, the Company operates 170 J.Crew retail stores, 141 Madewell stores and 170 J.Crew Factory stores in nearly every state in the United States, and also maintains J.Crew, Madewell and J.Crew Factory websites. For more information visit jcrew.com, madewell.com and jcrewfactory.com.

SOURCE J.Crew Group, Inc.

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