J. Crew Wins Bankruptcy Exit Approval, Will Give Lenders Control

J. Crew Group Inc. won court approval of a plan Tuesday that’ll keep it alive by shedding debt and handing control of the business to lenders.

U.S. Bankruptcy Judge Keith Phillips confirmed the plan in a virtual hearing, overruling objections from some landlords and the U.S. government’s bankruptcy watchdog. Phillips said J. Crew’s plan conforms to federal bankruptcy rules and thanked the company’s stakeholders for coming to a “largely consensual” deal -- most of the retailer’s creditors support the plan.

The retailer expects to officially exit bankruptcy in September, according to a statement. To do so, it’ll swap more ...