J. Jill Evades Bankruptcy

A new deal is expected to close Sept. 30
Posted September 15, 2020

Women’s apparel retailer J. Jill (Boston) is reportedly evading Chapter 11 bankruptcy by entering into an agreement with major lenders which should be finalized by Sept. 30, Retail Dive reports. J. Jill will receive an extended maturity to May 2024 on an applicable part of its term loan.

Lenders that represented nearly 98 percent of the retailer’s term loan were able to come to an agreement on an out-of-court transaction, which should add some financial flexibility, according to the company.

Due to the COVID-19 pandemic, many brands have been forced to declare bankruptcy, while others have been able to make deals with lenders to avoid it, such as GameStop, Party City and Guitar Center, Retail Dive cites.