(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. (cnb.cx/2z12p92)
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.
Reporting by Shanti S Nair in Bengaluru; Editing by Maju Samuel