J. Crew has agreed to a $3 billion takeover by two private equity firms. TPG Capital and Leonard Green & Partners say they plan to work with J. Crew Chief Executive Mickey Drexler, who will remain in that role and maintain a "significant equity investment" in the New York-based company, the Wall St. Journal reports.
Drexler, the former head of The Gap, has doubled sales to more than $1.5 billion during his tenure and will personally pocket $150 million from the deal, the San Francisco Chronicle notes