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(Reuters) - 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.
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Photo Illustration by Igor Golovniov/SOPA Images/LightRocket via Getty Images
The company has been grappling with competition from online firms such as Amazon.com Inc (AMZN.O) that have been eating into traditional retailers’ market share.
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Reporting by Shanti S Nair in Bengaluru; Editing by Maju Samuel
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