J.Crew to Sell Itself for $2.8 Billion


J.Crew just announced a deal to be bought out by private equity firms TPG Group and Leonard Green & Partners LP for $2.86 billion. Millard Drexler will stay on as CEO, cashing in $43.50 for each of his shares in the company. He is one of J.Crew's largest shareholders with a 5.4 percent stake as of September. [Reuters, DealBook/NYT]