J. Crew: Under New Ownership

J. Crew Group Inc. today confirmed plans to be taken private for $3 billion as the clothing retailer reported fiscal third-quarter earnings fell 14 percent on weaker margins and it slashed its earnings view for the year. An investor group made up of private-equity firms TPG Capital, a former owner of J. Crew, and Leonard Green & Partners plus Chairman and Chief Executive Millard Drexler will pay $43.50 a share. Shares closed today at $43.99. Under the terms of the deal, Drexler, former CEO of San Francisco-based Gap, would keep his posts and maintain a “significant equity investment” in the company. The Westport store is located at 145 Main St. (CLICK TO ENLARGE) Dave Matlow for WestportNow.com