United States

J.Crew bankruptcy leads to profits for buyout firm

J.Crew filed for bankruptcy this week after years of lackluster sales, but the buyout firm that took it private almost a decade ago still made off with a hefty profit, according to public filings and internal documents reviewed by The Post. Texas-based TPG, headed by billionaires David Bonderman and Jim Coulter, has made a fortune off the preppy retailer using various financial tactics — including charging the company for buying it and managing it — even as the business steadily deteriorated under its watch, documents show. The $72 billion firm bought J.Crew for $3 billion alongside then-CEO Mickey Drexler and private equity firm Leonard Green & Partners in 2011, when then-first lady Michelle Obama could be seen wearing their clo ...