J.Crew to close all six UK stores
US retailer J.Crew is to permanently close all six of its UK stores as it exits the country.
The brand has appointed advisory firm FRP as liquidators to its UK business, The Guardian reports. The company has a head office in London and has around 80 employees.
The brand opened a flagship store on London’s Regent Street back in 2013 and was also stocked in John Lewis before the relationship was terminated last year.
“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,” a J.Crew spokesperson told The Guardian. “We thank our UK associates for their dedication during this unprecedented time and are working to support their transition.”
J.Crew to exit UK
Earlier this month, J.Crew Group emerged from Chapter 11 bankruptcy after winning approval for its restructuring plan by the US Bankruptcy Court for the Eastern District of Virginia. The plan saw the company equitize over 1.6 billion dollars of secured indebtedness, and access a 400 million dollar exit asset-based loan facility as well as 400 million dollars of new term loans.
The group, which owns brands J.Crew and Madewell, became the first major US retailer to file for bankruptcy during the Covid-19 pandemic back in May. The company confirmed at the time Madewell would remain part of J.Crew Group, following speculation it might sell off the brand. The group also said it would continue to focus on its e-commerce businesses which now represents at least 50 percent of total revenues.
J.Crew Group CEO Jan Singer said at the time: “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.”
J.Crew joins a growing list of US brands including Forever 21, Banana Republic and American Eagle that have tried but failed to enter the competitive UK market in recent years.
Photo credit: J.Crew