"If this were a normal company, with cash in the bank, I 100% believe that three years from now J. Crew would be rolling," Davidowitz told Retail Dive. "But what supplier is going to deal with him in a normal way? Private equity, the first thing they do is put you on the edge. And when you're an apparel chain, living on the edge is deadly because you can't fix a business in two years. They borrow billions, they have 80,000 lawyers and now they're trying — although the court will decide this — to extract from the lenders the only value that will be there, which is the intellectual property of J. Crew and Madewell."