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Growth in consumer spending, which accounts for more than two-thirds of U.S. economic activity, increased at a 2.5 percent rate in the fourth quarter instead of the previously reported 2.8 percent pace vintage tiffany cufflinks. Consumer spending remains underpinned by a strong labor market, with a report from the Labor Department showing the number of Americans filing for unemployment benefits fell to a more than one-month low last week. Growth in business spending on equipment and intellectual products was lowered. The drop in residential construction outlays was deeper than previously reported and government spending actually contracted instead of expanding..
(Reuters) – J. Crew Group Inc has tapped restructuring lawyers for the second time in as many years to explore options for reworking its debt, as the U.S vintage tiffany cufflinks. clothing chain struggles with falling sales and a dwindling cash pile, people familiar with the matter said on Thursday. The company’s decision to once again seek help with its debt underscores the persistent business challenges J. Crew faces. A shift to pricier apparel turned off some shoppers, and the company faces competition from Amazon.com Inc and other e-commerce firms that have squeezed an array of traditional retailers..
The preppy fashion retailer in recent weeks enlisted restructuring attorneys at Weil, Gotshal & Manges LLP, the law firm that helped negotiate a previous debt workout for the company and most recently steered department store operator Sears Holdings Corp through bankruptcy proceedings, the sources said. Weil lawyers with capital markets and mergers and acquisitions expertise are also involved in the discussions with J. Crew, one of the sources said vintage tiffany cufflinks. J. Crew, which was taken private in 2011 by TPG Capital and Leonard Green & Partners in a roughly $3 billion leveraged buyout, is also interviewing restructuring specialists at investment banks, the sources said..
In a statement to Reuters on Thursday, the company did not directly address whether it has approached restructuring lawyers but said it has “been evaluating and executing on opportunities to strengthen J. Crew’s balance sheet” and that its top priority this year is to return its flagship brand to profitability and sustain momentum for its quickly growing Madewell apparel business vintage tiffany cufflinks. A TPG spokesman declined to comment. Representatives for Leonard Green and Weil did not immediately respond to requests for comment..
A bankruptcy filing is not currently on the horizon for J. Crew, which carries a debt load exceeding $1.7 billion, according to the sources, who spoke on the condition they will not be identified because the deliberations are confidential vintage tiffany cufflinks. The New York-based retailer is in the early stages of exploring options for its debt that could include a refinancing, the sources said. The discussions are aimed at addressing looming debt maturities in 2021, one of the sources added. The company has not yet approached creditors about a restructuring, though it could eventually do so, one of the sources said. J. Crew has previously considered hiving off Madewell through a sale or public offering, Reuters has reported..