President Donald Trump said on Monday that China is ready to come back to the negotiating table and the two countries will start talking very seriously.Politicsread more
The escalating trade war between Washington and Beijing dominated discussions at the G-7 gathering in France.Politicsread more
China's state media is putting up a brave front as the country's trade war with the U.S. escalated sharply over the weekend.China Economyread more
The latest round of tariff announcements in the last few days means that by the end of the year, essentially all Chinese goods exported to the U.S. will be subject to duties.China Economyread more
U.S. stock futures surged Monday morning after President Trump said China is ready to come back to the negotiating table following a phone call Sunday and the two countries...Marketsread more
As Washington and Beijing continue to up the ante in their protracted trade fight, the potential of a recession in the U.S. is now "the biggest concern," according to Standard...US Economyread more
Tensions stemming from the U.S.-China trade war escalated sharply over the last few days, with much happening as Asian markets were shut down for the weekend.China Economyread more
Clouding the G-7 gathering, which represents the world's major industrial economies, are the tit-for-tat tariffs between Washington and Beijing.Politicsread more
Neither the U.S. nor China wants to be seen as the party that derailed trade talks, says William Reinsch of Center for Strategic and International Studies.World Economyread more
China said Friday it will be resuming 25% duties on U.S. autos, and a further 5% on auto parts and components.Asia Marketsread more
World leaders, environmental groups and celebrities have publicly decried the vast swaths of forest being destroyed by the fires.World Newsread more
J. Crew has tapped restructuring lawyers for the second time in as many years to explore options for reworking its debt, as the U.S. clothing chain struggles with falling sales and a dwindling cash pile, people familiar with the matter said on Thursday.
The company's decision to seek help with its debt once again underscores the persistent business challenges J. Crew faces despite recent turnaround and financial restructuring efforts. A shift to pricier apparel turned off some shoppers, and J. Crew faces competition from e-commerce firms such as Amazon 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 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.
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.
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.
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 mulled hiving off Madewell through a sale or public offering, Reuters has reported.
J. Crew in 2017 reached a deal with creditors, including Blackstone's GSO Capital Partners and Anchorage Capital Group, on a debt exchange that roughly cut in half nearly $567 million in bond obligations, and extended their due date by two years.
J. Crew, which has sold clothes once donned by former first lady Michelle Obama, had about $25.7 million in cash as of the beginning of February, down from roughly $107 million a year earlier, and the company has booked financial losses in seven of the last eight quarters, according to securities filings.