April 30, 2020 / 8:32 PM / a month ago

J. Crew preparing for bankruptcy filing: CNBC

FILE PHOTO: J Crew displays a closed sign on the Third Street Promenade during the global outbreak of coronavirus (COVID-19) in Santa Monica, California, U.S., March 16, 2020. REUTERS/Lucy Nicholson

(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

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