J. Crew posts smaller loss as it revamps its business
J. Crew Group Inc. posted a smaller fourth-quarter loss after the preppy retailer streamlined operations and trimmed expenses, helping make up for sluggish sales. Same-store sales, a closely watched benchmark, fell 4 percent in the fourth quarter. The results signal that J. Crew is making progress in its comeback plan, even as sales continue to decline. TPG, one of the private-equity firms that led a 2011 leveraged buyout of J. Crew, cut the value of its stake in the clothing retailer by 84 percent at the end of 2015. Читать дальше...