J Crew becomes the latest US fashion retailer to exit the UK as it prepares to close all six of its British stores in major restructuring effort.
The closures follow J.Crew Group’s announcement on 10 September that the retailer has “successfully emerged” from bankruptcy (“Chapter 11”) and is now positioned for “sustainable and profitable growth.”
J.Crew Group began restructuring plans in May this year. As part of its financial restructuring, the retailer has equitised more than $1.6 billion (£1.25bn) of secured indebtedness, and Anchorage Capital Group, L.L.C. has become the majority owner.
J Crew follows several major US fashion retailers that have also exited the UK in recent months, including Forever 21, Victoria’s Secret and American Eagle.
Speaking to the Guardian, a spokesperson for J Crew said: “After a thorough review, we have determined we are best able to serve our UK customers through our global e-commerce platform and are closing our six store locations in the country.
“We thank our UK associates for their dedication during this unprecedented time and are working to support their transition.”
Jan Singer, CEO of J.Crew Group, said: “Looking forward, our strategy is focused on three core pillars: delivering a focused selection of iconic, timeless products; elevating the brand experience to deepen our relationship with customers; and prioritizing frictionless shopping.
“As a reinvigorated company, we are committed to serving the changing life and style of today’s multifaceted consumer and to delivering long term, sustainable results.”