The US$3bn private equity buyout of retailer J Crew almost didn’t happen when the buyers threatened to abandon the deal because of the company’s poorer than expected third quarter results.

According to an SEC filing from the company, TPG Capital and Leonard Green & Partners had agreed a price of $45.50 per share when the companies were informed of J Crew’s 14% drop in third quarter earnings.

The two companies immediately threatened to walk away from the deal, leaving J Crew to contemplate alternatives to the buyout, including a possible buyback of company stock.

Eventually, TPG Capital and Leonard Green countered with a $43 per share offer, before the two sides settled on a compromise figure of $43.50.

The newly released filings also reveal that two other, unnamed, companies had also expressed interest in J Crew.

Neither made an offer for the business, although one said it would do so if J Crew chief executive Millard “Mickey” Drexler could be persuaded to back its bid.

However, Drexler was always most closely allied with TPG, with whom he has worked in the past.

The filing also reveals that Drexler will serve as company chairman and chief executive for an initial period of four years, subject to annual renewal for another year at a time.