US: J Crew sales climb as it seeks refinancing
J Crew has said it is seeking refinancing
US apparel and accessories retailer J Crew has recorded an increase in fourth-quarter revenues and revealed it is seeking a loan to refinance debt.
For the three months ended 1 February, sales were up 7% to US$686m, while comparable store sales increased 4%. This compared to an increase of 11% last year.
Adjusted EBITDA is estimated in the range of $74m to $76m versus $70m in the prior year period.
In addition, J Crew, owned by TPG Capital and Leonard Green & Partners LP, said it is seeking refinancing, understood to be around $1.57bn, according to Bloomberg.
The company plans to use part of the proceeds from the refinancing to redeem its 8.125 percent senior unsecured notes due 2019.
In its trading update, J Crew said it had not yet received a commitment from lenders in connection with the potential refinancing.
This report analyses some of the latest developments and innovations in the global apparel industry, including: e-commerce technology; jeanswear; mood enhancing apparel; new materials for apparel; sma...
This report provides information, analysis and valuable insight on developments relating to the global apparel industry in the following categories: acquisitions, divestments and mergers; corporate so...
- Jordan garment sector strong amid regional unrest
- Why China 5-year plan won't change garment-making
- Navigating a turbulent sourcing landscape
- Supply chains under pressure as Black Friday looms
- C&A building brand loyalty through consistent fit
- US Q3 in brief: DSW, Chico's, Abercrombie & Fitch
- Adidas has greenest textile supply chain in China
- Global clothing and footwear trade to drop by 1.5%
- Cambodia living wage campaign kicks off
- New Balance launches first 3D printed running shoe
- Wearable technology: The future market potential for smart garments and e-textiles
- Practical Brand Sourcing Strategy
- Myanmar's Garment Sector in 2015 - now with updated members' directory
- Technical Textile Markets: Product Developments and Innovations - 2nd Quarter 2015
- Statistics: Trends in Global and Regional Man-made Fibre Production - 2015