Excerpts: “J. Crew is preparing for a bankruptcy filing”

• The New York-based retailer had already been struggling under a heavy debt load and sales challenges, as it suffered criticism that it fell out of touch with its once-loyal customers. In the past few years, the brand lost both its longtime design chief, Jenna Lyons, and famed retail executive Mickey Drexler.
• The retailer operates 182 J. Crew retail stores, as well as 140 Madewell stores, the youthful brand it launched in 2006. J. Crew had hoped to spin off Madewell in an IPO that could have helped pay down its debt load, but faced pushback from creditors.
• The company was acquired by TPG Capital and Leonard Green & Partners for $3 billion in 2011.

Source: CNBC