J.Crew Enters Debt Swap

J.Crew (New York) has entered an agreement that cuts its $2 billion debt and ends intellectual property litigation.

The retailer now has the support of more than 50 percent of its term loan holders in the debt restructuring deal that targets its term loan and unsecured bonds to help it avoid bankruptcy, reports Chain Store Age.

J.Crew has had 11th consecutive quarters of same-store sales declines.  CEO Mickey Drexler also recently stepped down to be replaced by Jim Brett, former ceo of West Elm.