"Ad-dressing the nearest-term maturity removes an overhang in a challenging market environment and provides the company a clear and more confi-dent path to execute its business plan." The decision comes on the heels of winning the support of more than 50% of its term loan holders to trim its $2 billion debt load and end intellectual property litigation. If J.Crew's lenders failed to consent to the plan, the retailer would have found itself on the fast-track toward a potential bankruptcy, according to CNBC. J.Crew continues to fight in hopes of turning its business around, despite the obstacles in its way. The company posted dismal first quarter earnings, which revealed its 11th consecutive quarter of same-store sales declines. Total sales fell 6.3% to $532 million in the quarter, ended April 29. Total same-store sales fell 9%. In the wake of these declines, CEO and chairman Mickey Drexler announced he would be stepping down as chief executive after 14 years in the role.