Despite having Katie Holmes and other celebs model for them, or even the Obama girls wearing their outfits during the 2009 inauguration, J. Crew’s financial problems were just too much.
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.
Hopefully Oprah didn't invest too much in J. Crew to suffer a loss if all doesn't go well.
[Image via AP Images.]
Tags: acquisition, announcement, models, obama, three billion