Retail Refugees

J.Crew will be acquired by two investment firms for $3 billion, according to a document released moments ago by the preppy-chic retailer. (We first reported on this Monday night–click here for some background.)

This will allow CEO Mickey Drexler and co. to fix what’s wrong with the business–and build on what’s right–without having to deal with public shareholders.

“It is a clear endorsement of J.Crew and of the hard work and commitment of each and every one of our associates,” Drexler said of the agreement. “As I have always said, we are in this for the long term and we do what we do day in and day out so we can deliver the best possible products to our customers.”

(via Fashionista)

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