NEW YORK - J Crew, the mass-market clothing company whose preppy-with-a-twist products were worn by Michelle Obama and appeared at New York Fashion Week, is expected to file for bankruptcy protection as soon as Monday .
The pandemic has been disastrous for the already weakened US retail industry. In March, sales of clothing and accessories fell by more than half. The numbers for April are expected to only be worse, because many stores were open for at least some of March . But in recent months it seemed to be making strides toward a more viable future. The company recently hired a new chief executive and was planning an initial public offering of Madewell this spring in order to pay down some of the debt and rehabilitate the J. Crew brand.
The company was purchased by TPG in 1997 in a leveraged buyout from the founding Cinader family, and was taken public in 2003 - only to be reacquired for approximately US$3 billion by TPG and Leonard Green & Partners nearly a decade ago.
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