In the 21 months since speculation swirled that J. Crew Group Inc. was thinking about going public, not much has gone right.
Sales have slumped, a comeback plan hasn’t taken off and now comes a ho-hum Christmas shopping season that analysts say is unlikely to give the once high-flying clothing retailer a boost. Investors are growing increasingly concerned. Prices on J. Crew’s benchmark bonds have sunk to about 25 cents on the dollar, a level that indicates holders are bracing for a debt restructuring.