J. Crew may be preparing for bankruptcy filing

Privately held fashion company J. Crew Group Inc is preparing for a bankruptcy filing that could come as soon as this weekend, CNBC reported on Thursday, citing people familiar with the matter.

The company is working to secure $400 million in financing to fund operations in bankruptcy, the report added, cautioning that timing could still slip, and plans are not yet finalized.

Ads

The company has been grappling with competition from online firms such as Amazon.com Inc that have been eating into traditional retailers’ market share.