According to an announcement from the company, J. Crew will be acquired by two investment firms.
And the firms, TPG Capital and Leonard Green & Partners, will be spending $3 BILLION for the acquisition!
According to J. Crew’s Chief Executive, Millard Drexler, the acquisition "is a clear endorsement of J.Crew and of the hard work and commitment of each and every one of our associates.”
Let's see if they do something to boost sales.
[Image via AP Images.]