No rival bids for J. Crew, source says
UPDATE: Although there was speculation that Urban Outfitters and Sears were submitting competitive bids for the retailer, a Reuters story shows that J. Crew is going with its original buyout.
Earlier this month, Bloomberg reported that Sears and Urban Outfitters were competing for a stake in J. Crew.
Although no one would publicly acknowledge that the companies are looking into J. Crew, sources close to the deal told reporters that both companies were interested.
Since Urban and J. Crew tend to attract the same crowd, a negotiation with the hipster retailer did not seem as far-fetched.
Although Sears and Urban may have shown interest during the “go shop” period, no bids were entered, and the original buyers—TBG and Leonard Green—will move forward with their $2.86 billion offer.
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