Racked is no longer publishing. Thank you to everyone who read our work over the years. The archives will remain available here; for new stories, head over to Vox.com, where our staff is covering consumer culture for The Goods by Vox. You can also see what we’re up to by signing up here.
Urban Outfitters and Sears might have expressed some interest in buying J.Crew, but neither company made an offer before their opportunity expired this past Saturday. The deadline marked an end to a 53-day go-shop period giving other businesses the opportunity to bid on J.Crew after TPG Capital and Leonard Green & Partners made an initial offering of $2.86 billion. So why did Urban and Sears pass? Maybe because they weren't serious about buying the preppy retailer in the first place—or maybe because much-loved J.Crew CEO Mickey Drexler has made it clear that he only wants to work with TPG. [WWD, subscription req'd; Previously]