J. Jill is a popular American retailer that specializes in selling women’s apparel and accessories. However, recent times have proved to be tough for the company and led it to close many of its stores. This saddened and left many of its fans wondering: Is J. Jill Going Out Of Business 2024?
It is a women’s clothing retailer founded more than 60 years ago and caters to a customer base that is often overlooked by many retailers- Plus 40 women shoppers.
But what happened to this 60-year-old company that has led to people talking about its closures? Let’s understand this by reading this article where we compiled every information on J. Jill from who owns it to what happened to the company.
Who Owns J. Jill?
J. Jill is an American women’s apparel company established in 1955 in Massachusetts. OIt was acquired by The Talbots Inc. in 2006. However, in 2009, the company was repurchased by Golden Gate Capital and discounted for $63 million.
Then, on March 9, 2017, J. Jill re-listed as a publicly traded corporation on the New York Stock Exchange (NYSE). Therefore, the company is owned by the shareholders of the company and not any individual.
Is J. Jill going out of business 2024?
It is true that J. Jill has been struggling like other businesses since the pandemic. In September 2020, the company reached an agreement with its lenders that allowed it to restructure its debt and avoid bankruptcy.
It also closed 11 locations permanently in 2020. However, after the restructuring and closures of its stores, the fashion retailer is running its business smoothly and continues to operate 200+ stores.
It focused on a new inclusive campaign under the leadership of Claire Spofford. This campaign helped the company to increase its gross profit by 61% to $394 million. The net sales of the company also increased by 37% to $585 million.
The company’s net revenue also increased by 21.7% in the three months ended in April 2022.
Therefore, this depicts that the fashion retailer, J. Jill is not going out of business but thrived as a more strong company after restructuring its debt.
Why Is J. Jill Closing?
J. Jill suffered the consequences of the pandemic and came to a decision to file for Chapter 11 Bankruptcy. However, its agreement with the lender helped it to dodge the bullet of the bankruptcy.
The company became vulnerable to the consequences of dropping sales and rising financial losses before the pandemic.
This situation led Linda Heasley out of her position as the CEO and the board of directors in 2019.
However, under the leadership of Claire Spofford, the company’s third quarter 2023 announced that the gross profit increased by $10.7. 8 million compared to $105 million. The adjusted EBITDA for the third quarter was $28.3 million compared to $27.5 million.
J. Jill, a women’s apparel retailer, needs the quarter with 9.6% to $50.6 million inventory down. This helped it to resit markdowns. However, it closed 5 stores and opened one, therefore ending with 243 stores.
So, overall, J. Jill is not going out of business but is working to restructure its approach by introducing new strategies.
Who Are The Top Shareholders Of J. Jill?
|Fund 1 Investments, LLC
|Royce & Associates LP
|Renaissance Technologies, LLC
|Vanguard Group Inc
|Dimensional Fund Advisors LP
|Spark Investment Management LLC
|Shay Capital LLC
How Many J. Jill Stores Are There In The United States?
Here is a statistics showing the number of stores by the states and territories in the United States:
Top 10 States & Territories With Most J. Jill Stores
|Number Of Stores
States And Territories Without J. Jill Store
- Puerto Rico
- South Dakota
- Northern Mariana Islands
- West Virginia
- American Samoa
- U.S Virgin Islands
Cities With The Most Number Of J. Jill Stores In The United States
|Number Of Locations
To check whether your location has any J. Jill stores do checkout in their store locator before visiting.
What Is The Future Of J. Jill?
With J. Jill’s restructuring plan, the future of the company seems bright. According to Mark Webb, the Chief Financial Officer at J. Jill, the company scrambled to avoid bankruptcy during the pandemic and now is all focused on achieving consistent and profitable growth.
He further added that January was the strongest month of the period as the company beat its own expectations for the quarter.
The CEO, Claire Spofford, also pointed out that last year’s effort to be more inclusive in merchandising and pricing in ‘Welcome Everyone’ was fruitful. It will also work on testing new marketing channels and working with influencers in the size inclusivity category.
As every other business was struggling with decreased sales during the pandemic, J. Jill was no exception.
The company was once on the brink of filing for Chapter 11 bankruptcy but saved itself by getting into an agreement with the lenders. However, despite all these struggles, J. Jill thrived to run its operations with new strategies and restructures.
However, only time will tell whether those new strategies will work effectively in the long-run or not.
When did Talbots Bought J.Jill?
Talbot Inc., the retail rival of J. Jill acquired the company in 2006. It topped Liz Claiborne in a ‘bidding war’ for ownership of J. Jill and paid $517 million for the brand.
Who are the target audience of J. Jill?
J. Jill first started as a catalog company and is now running as a public company. Its target audience includes plus 40 women who are often ignored by many fashion brands.
What does J. Jill offers?
J. Jill is a company that specializes in women’s apparel, but other than this, it also offers accessories and footwear for women.