Business & Tech
J. Crew Under New Ownership
It was announced that the company, which has a store in downtown Westport, was sold for nearly $3 billion.
A longtime staple of downtown Westport has new owners.
J. Crew Group, the Chicago-based company that operates more than 250 clothing stores, including the one on Main Street, has been sold for $2.86 billion to a pair of private equity firms.
The new owners are Leonard Green & Partners and TPG Capitol. The Westport store has been around for nearly 20 years, according to an employee.
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"J.Crew occupies a distinctive space in fashion retail and we are very pleased to partner with [J. Crew Group CEO] Mickey [Drexler] and TPG Capital for the next chapter of the company's growth," said Jonathan Sokoloff, managing partner of Leonard Green & Partners, in a statement.
The retailer, known for its popular catalog, sells clothing for men, women and children.
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According to the Wall Street Journal, TPG Capital, which once owned J. Crew, has a 75 percent stake in the company. Leonard Green & Partners would own the rest.
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