Costs related to its March acquisition by TPG Capital and Leonard Green & Partners led J. Crew Group Inc. to a $10.5 million net loss in the second quarter while net, comparable and same-store sales registered gains in the period.
The company disclosed in its Form 10-Q, filed with the Securities and Exchange Commission Thursday, that it had settled a series of shareholder claims regarding the pricing of its acquisition by adding $6 million to the $10 million settlement agreed upon in January. The company said that it “or its insurers” and the two acquiring parties would make a one-time settlement payment of $16 million to be distributed on a pro-rated basis among members of the class who challenged the purchase in Delaware Chancery Court and other state and federal courts. J. Crew recorded a $10 million litigation settlement expense in last year’s fourth quarter and expensed the remaining $6 million in the second quarter.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"