J.Crew

J.Crew's May 2020 bankruptcy was another private equity casualty - TPG and Leonard Green paid $3 billion in 2011 for the preppy retailer, saddling it with $1.7 billion in debt. The company that had dressed Millennials for job interviews couldn't adapt when that generation stopped buying dress clothes. J.Crew spun off Madewell, its successful denim brand, in a complex transaction designed to protect value from creditors. The maneuver worked: Madewell thrived while J.Crew restructured. The company emerged from bankruptcy but faces continued pressure from casual dress codes and competition.