CASE NAME: Chinos Holdings, Inc., et al.

CASE NUMBER: 20-32181

JUDGE: Keith L. Phillips

UNITED STATES BANKRUPTCY COURT

EASTERN DISTRICT OF VIRGINIA

RICHMOND DIVISION

MONTHLY OPERATING REPORT

MONTH ENDING: MAY 30, 2020

IN ACCORDANCE WITH TITLE 28, SECTION 1746, OF THE UNITED STATES CODE, I

DECLARE UNDER PENALTY OF PERJURY THAT I HAVE EXAMINED THE FOLLOWING

MONTHLY OPERATING REPORT (ACCRUAL BASIS-1 THROUGH ACCRUAL BASIS-6) AND

THE ACCOMPANYING ATTACHMENTS AND, TO THE BEST OF MY KNOWLEDGE, THESE 

DOCUMENTS ARE TRUE, CORRECT AND COMPLETE. DECLARATION OF THE PREPARER 

(OTHER THAN RESPONSIBLE PARTY): IS BASED ON ALL INFORMATION OF WHICH 

PREPARER HAS ANY KNOWLEDGE.

RESPONSIBLE PARTY:

Chief Financial Officer

ORIGINAL SIGNATURE OF RESPONSIBLE PARTY TITLE

Vincent Zanna

PRINTED NAME OF RESPONSIBLE PARTY DATE

/s/Vincent Zanna

6/30/2020

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UNITED STATES BANKRUPTCY COURT

FOR THE EASTERN DISTRICT OF VIRGINA

In re: Chinos Holdings, Inc., et al.

Case No. (Jointly Administered) 20-32181

Reporting Period: 30-May-20

MONTHLY OPERATING REPORT TABLE OF CONTENTS

REQUIRED DOCUMENTS Form No.

Notes to Monthly Operating Report Notes

Schedule of Cash Receipts and Disbursements MOR-1

Bank Account Information MOR-2

Schedule of Payments to Insiders MOR-3

Schedule of Payments to Professionals MOR-4

Postpetition Status of Secured Notes, Leases Payable, and Adequate Protection Payments MOR-5

Accounts Receivable and Accounts Payable Aging MOR-6

Status Postpetition Taxes MOR-7

Debtor Questionnaire (including Insurance Supplement) MOR-8

Statement of Operations Appendix A

Balance Sheet Appendix B

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In re: Chinos Holdings, Inc., et al. MOR Notes

Case No. (Jointly Administered) 20-32181

Reporting Period: 30-May-20

GENERAL:

Debtor Case Number Debtor Case Number

Chinos Holdings, Inc 20-32181 J. Crew International, Inc. 20-32190

Chinos Intermediate Holdings A, Inc 20-32182 J. Crew Virginia, Inc. 20-32180

Chinos Intermediate, Inc 20-32183 Madewell Inc. 20-32191

Chinos Intermediate Holdings B, Inc 20-32184 J. Crew Brand Holdings, LLC 20-32192

J. Crew Group, Inc. 20-32185 J. Crew Brand Intermediate, LLC 20-32193

J. Crew Operating Corp. 20-32186 J. Crew Brand, LLC 20-32194

Grace Holmes, Inc. 20-32187 J. Crew Brand Corp. 20-32195

H.F.D. No. 55, Inc. 20-32188 J. Crew Domestic Brand, LLC 20-32196

J. Crew, Inc. 20-32189 J. Crew International Brand, LLC 20-32197

Notes to the MOR:

Notes to the Monthly Operating Report

The report includes activity from the following Debtors and related Case Numbers:

The Debtors are filing their consolidated Monthly Operating Report (MOR) solely for the purposes of complying with the monthly operating report requirements applicable in the Debtors’ 

chapter 11 cases. The financial and supplemental information contained herein is presented on preliminary and unaudited basis, remains subject to future adjustments and may not comply in all 

material respects with generally accepted accounting principles in United States of America (“U.S. GAAP”). This MOR should not be relied on by any persons for information relating to current 

or future financial conditions, events, or performance of any of the Debtors or their affiliates. 

The financial information has been derived from the books and records of the Debtors. This information, however, has not been subject to certain procedures that would typically be applied to 

financial information in accordance with U.S. GAAP, and upon application of such procedures, the Debtors believe that the financial information could be subject to material changes.

The results of operations contained herein are not necessarily indicative of results which may be expected for any other period or for the full year and may not necessarily reflect the combined 

results of operations and financial positions of the Debtor in the future.

The Debtors reserve all rights to amend or supplement this MOR in all respects, as may be necessary or appropriate. Nothing contained in this MOR shall constitute a waiver of any of the 

Debtors’ rights or an admission with respects to their chapter 11 cases.

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In re: Chinos Holdings, Inc., et al. MOR-1

Case No. (Jointly Administered) 20-32181

Reporting Period: 30-May-20

Schedule of Cash Receipts and Disbursements

Debtor Case Number Cash Receipts1 Cash Disbursements1

Chinos Holdings, Inc 20-32181 $ - $ -

Chinos Intermediate Holdings A, Inc 20-32182 20,148,196 -

Chinos Intermediate, Inc 20-32183 - -

Chinos Intermediate Holdings B, Inc 20-32184 - -

J. Crew Group, Inc. 20-32185 12,847 8,975,358

J. Crew Operating Corp. 20-32186 149,854,232 41,532,355

Grace Holmes, Inc. 20-32187 20,339 17,064

H.F.D. No. 55, Inc. 20-32188 18,193 11,476

J. Crew, Inc. 20-32189 444,678 440,034

J. Crew International, Inc. 20-32190 - -

J. Crew Virginia, Inc. 20-32180 - -

Madewell Inc. 20-32191 4,498 1,283

J. Crew Brand Holdings, LLC 20-32192 - -

J. Crew Brand Intermediate, LLC 20-32193 - -

J. Crew Brand, LLC 20-32194 - 293

J. Crew Brand Corp. 20-32195 - -

J. Crew Domestic Brand, LLC 20-32196 - -

J. Crew International Brand, LLC 20-32197 - -

Total Cash Receipts and Cash Disbursements $ 170,502,982 $ 50,977,863

Notes:

1. The cash receipts and disbursements are shown on an aggregate basis for the Debtors and have not been adjusted to remove intercompany 

transfers.

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In re: Chinos Holdings, Inc., et al. MOR-2

Source: SOAL AB3 Case No. (Jointly Administered) 20-32181

Reporting Period: 30-May-20

Bank Account Information

Legal Entity Bank Account type Last 4 Digits of Account 

Number Balance1

Grace Holmes, Inc. Bank of America Store Deposit 4684 $ 1,054

Grace Holmes, Inc. Bank of America Clearance 4621 7,755

H.F.D. No. 55, Inc. Bank of America Store Deposit 4671 3,000

Madewell Inc. Bank of America Store Deposit 1206 735

J. Crew Operating Corp. Bank of America Merrill Lynch Investment 1A06 -

Madewell Inc. Bank of America Merrill Lynch -- 2685 -

Madewell Inc. Bank of America Merrill Lynch -- 8360 -

Grace Holmes, Inc. Capital One Store Deposit 0364 1,413

H.F.D. No. 55, Inc. Capital One Store Deposit 0259 1,168

Grace Holmes, Inc. Chase Store Deposit 1802 2,593

H.F.D. No. 55, Inc. Chase Store Deposit 1810 2,401

Madewell Inc. Chase Store Deposit 1828 2,878

J. Crew Operating Corp. HSBC Open Account 5201 -

J. Crew Global Holdings B, LLC HSBC Disbursement 4501 -

J. Crew Operating Corp. HSBC Letter of Credit 6434 (3,262)

Chinos Intermediate Holdings A, Inc. JPM DIP Funding Account 3865 12,603,196

Chinos Intermediate Holdings A, Inc. JPM Professional Fees Escrow Account 3719 6,945,000

Chinos Intermediate Holdings A, Inc. JPM Utility Security Escrow Account 8866 600,000

Grace Holmes, Inc. Key Bank Store Deposit 1222 192

H.F.D. No. 55, Inc. Key Bank Store Deposit 3660 824

Grace Holmes, Inc. PNC Bank Store Deposit 7131 952

H.F.D. No. 55, Inc. PNC Bank Store Deposit 9887 1,308

H.F.D. No. 55, Inc. TD Bank Store Deposit 6437 1,474

Grace Holmes, Inc. TD Bank Store Deposit 3661 1,375

J. Crew Group, Inc. US Bank Payroll 2966 5,092,145

Grace Holmes, Inc. US Bank Store Deposit 2079 683

H.F.D. No. 55, Inc. US Bank Store Deposit 7830 374

J. Crew Brand LLC US Bank IPCo Notes 6634 46,451

Madewell Inc. US Bank -- 7576 -

Grace Holmes, Inc. Wells Fargo Store Deposit 8543 3,110

H.F.D. No. 55, Inc. Wells Fargo Store Deposit 9086 3,624

J. Crew, Inc. Wells Fargo Clearance 8323 1,000

Chinos Holdings Inc. Wells Fargo Disbursements 2998 1,774

J. Crew Operating Corp. Wells Fargo Disbursements 3096 -

J. Crew Operating Corp. Wells Fargo Concentration 1816 127,209,154

J. Crew Inc. Wells Fargo -- 8336 -

J. Crew Inc. Wells Fargo -- 8600 -

J. Crew Operating Corp. Wells Fargo Disbursements 1861 -

J. Crew Operating Corp. Wells Fargo Wholesale 1705 -

J. Crew Global Holdings B, LLC Wells Fargo Disbursement 0913 -

J. Crew Operating Corp. Wells Fargo Investment 0411 -

Madewell Inc. Wells Fargo Store Deposit 1442 1,126

Madewell Inc. Wells Fargo Investment 6104 -

Madewell Inc. Wells Fargo -- 1015 -

Madewell Inc. Wells Fargo -- 9681 -

Madewell Inc. Wells Fargo -- 9699 -

Madewell Inc. Wells Fargo -- 7801 -

Madewell Inc. Wells Fargo -- 2756 -

Total Cash $ 152,533,497

Notes:

1. Cash and cash equivalents on the balance sheet (Appendix B) includes credit card receivables and therefore differs from the total cash balance shown above

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In re: Chinos Holdings, Inc., et al. MOR-3

Case No. (Jointly Administered) 20-32181

Reporting Period: 30-May-20

Schedule of Payments to Insiders

Professional Role / Capacity Type Amount Paid Cumulative Payments 

Since Filing

Jan Singer Chief Executive Officer Salary $ 72,115 $ 72,115

Libby Wadle Chief Executive Officer - Madewell Salary 54,808 54,808

Michael Nicholson President - Chief Operating Officer Salary 65,385 65,385

Lynda Markoe Chief Administrative Officer Salary and Expenses 46,315 46,315

Vincent Zanna Chief Financial Officer Salary and Expenses 32,737 32,737

$ 271,360 $ 271,360

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In re: Chinos Holdings, Inc., et al. MOR-4

Case No. (Jointly Administered) 20-32181

Reporting Period: 30-May-20

Payee Role of Professional Amount Paid Cumulative Payments 

Since Filing

KPMG Debtor Accountancy/Tax Adviser - -

Weil Gotshal & Manges LLP Debtor Legal Adviser - -

AlixPartners LLP Debtor Financial Adviser - -

Lazard Freres & Co LLC Debtor Investment Banker - -

Omni Agent Solutions Debtor Claims Agent - -

Hunton Andrews Kurth LLP Debtor Legal Adviser - -

Hilco Real Estate, LLC Debtor Real Estate Adviser - -

Pachulski Stang Ziehl & Jones LLP UCC Legal Adviser - -

Hirschler Fleischer UCC Legal Adviser - -

Province, Inc. UCC Financial Adviser - -

Back Bay Management Corp UCC Financial Adviser - -

$ - $ -

Schedule of Payments to Professionals

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In re: Chinos Holdings, Inc., et al. MOR-5

Case No. (Jointly Administered) 20-32181

Reporting Period: 30-May-20

Postpetition Status of Secured Notes, Leases Payable, and Adequate Protection Payments

Name of Creditor Description Scheduled Monthly Payment Due Amount Paid Total Unpaid Postpetition

Bank of America, N.A. ABL Interest $ 990,437 $ 990,437 $ -

Various Parties DIP Facility Fees - 597,778 -

Choate Hall & Stewart LLP ABL Advisor Fees - 235,825 -

Milbank LLP Ad Hoc Committee Legal Adviser - - -

Tavenner & Beran PLC Ad Hoc Committee Legal Adviser - - -

PJT Partners, Inc. Ad Hoc Committee Banker - - -

TOTAL: $ 1,824,041 $ -

Name of Creditor Beginning Balance Draws Pay-Downs Ending Balance

DIP Facility $ - $ 16,075,696 $ - $ 16,075,696

TOTAL: $ - $ 16,075,696 $ - $ 16,075,696

PAYMENTS

DIP FINANCING

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In re: Chinos Holdings, Inc., et al. MOR-6

Case No. (Jointly Administered) 20-32181

Reporting Period: 30-May-20

Accounts Receivable and Accounts Payable Aging

Accounts Receivable Aging1

Accounts Receivable Days Aging Amount

0-30 $ 2,097,398

31-60 943,481

61-90 2,970,883

91+ 1,688,725

Other Non-Trade Receivables 20,990,181

Accounts Receivable (Gross) $ 28,690,668

A/R Allowance for Bad Debts (4,440,685)

Accounts Receivable (Net) $ 24,249,984

Accounts Payable Aging2 3

Accounts Payable Category Current 1-30 Days 31-60 Days 61+ Days Total

Trade Payables 7,996,884 19,596,257 - - $ 27,593,141

Notes:

1. Balances are spread across both Accounts Receivable, net and other current assets on the balance sheet at Appendix B.

2. Includes postpetition balances only. Aging is based on the Debtors' books and records as of May 30, 2020 and represents open and outstanding invoices that have been 

entered into the Debtors' accounts payable system. The aging does not include accruals for invoices not yet received or approved and is aged based on due date.

3. The accounts payable aging includes unpaid rent for the month of May that fell due on May 1, within 1-30 days past due.

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In re: Chinos Holdings, Inc., et al. MOR-7

Case No. (Jointly Administered) 20-32181

Reporting Period: 30-May-20

Tax Category Beginning Liability Amount Withheld or 

Accrued Amount Paid Ending Liability

Sales Tax $ - $ 7,712,207 $ - $ 7,712,207

Payroll Tax - 4,422,572 3,390,120 1,032,452

Property Tax1 2 - 48,780 - 48,780

State Income/Franchise Tax - 69,271 - 69,271

Other Taxes - 96,300 96,300 -

Total $ - $ 12,349,130 $ 3,486,420 $ 8,862,709

Notes:

Status Postpetition Taxes

1. The Debtors do not accrue on a monthly basis for NYC Commercial Rent Tax, OH Commercial Activity Tax, SF Business Activity Tax. These taxes are 

excluded from the table above. 

2. Real estate and property taxes paid to landlords per the lease agreement are not included in the amounts above.

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In re: Chinos Holdings, Inc., et al. MOR-8

Case No. (Jointly Administered) 20-32181

Reporting Period: 

General Questions Yes No

1. HAVE ANY ASSETS BEEN SOLD OR TRANSFERRED OUTSIDE THE NORMAL COURSE OF BUSINESS THIS REPORTING PERIOD? X

2. HAVE ANY FUNDS BEEN DISBURSED FROM ANY ACCOUNT OTHER THAN A DEBTOR IN POSSESSION ACCOUNT? X

3. ARE ANY POSTPETITION RECEIVABLES (ACCOUNTS, NOTES, OR LOANS) DUE FROM RELATED PARTIES? X1

4. HAVE ANY PAYMENTS BEEN MADE ON PREPETITION LIABILITIES THIS REPORTING PERIOD? X2

5. HAVE ANY POSTPETITION LOANS BEEN RECEIVED BY THE DEBTOR FROM ANY PARTY? X3

6. ARE ANY POSTPETITION PAYROLL TAXES PAST DUE? X

7. ARE ANY POSTPETITION STATE OR FEDERAL INCOME TAXES PAST DUE? X

8. ARE ANY POSTPETITION REAL ESTATE TAXES PAST DUE? X

9. ARE ANY OTHER POSTPETITION TAXES PAST DUE? X

10. ARE ANY AMOUNTS OWED TO POSTPETITION CREDITORS DELINQUENT? X

11. HAVE ANY PREPETITION TAXES BEEN PAID DURING THE REPORTING PERIOD? X4

12. ARE ANY WAGE PAYMENTS PAST DUE? X

Insurance Yes No

1. ARE WORKER'S COMPENSATION, GENERAL LIABILITY AND OTHER NECESSARY INSURANCE COVERAGES IN EFFECT? X5

2. ARE ALL PREMIUM PAYMENTS PAID CURRENT? X5

3. PLEASE ITEMIZE POLICIES BELOW.

Notes:

30-May-20

Debtor Questionnaire

1. Pursuant to the Final Order (I) Authorizing Debtors to (A) Continue Participating in Existing Cash Management System, and Using Bank Accounts and Business Forms, and (B) Continue 

Intercompany Transactions, (II) Providing Administrative Expense Priority for Postpetition Intercompany Claims, (III) Extension of Time to Comply with Requirements of 11 U.S.C. § 345(b), 

and (IV) Granting Related Relief (Docket No. 378), the Debtors continue to enter into ordinary course intercompany transactions postpetition consistent with the Debtors' operation of their 

business in the prepetition period.

2. The Debtors made various payments on prepetition liabilities during the period pursuant to the interim and final first day orders.

3. Pursuant to the Final Order (I) Authorizing The Debtors to Obtain Postpetiton Financing, (II) Authorizing The Debtors to Use Cash Collateral, (III) Granting Liens and Providing 

Superpriority Administrative Expense Claims, (IV) Granting Adequate Protection to Prepetition Secured Parties, (V) Modifying Automatic Stay, and (VII) Granting Related Relief (Docket No. 

447), the Debtors have secured postpetition debtor-in-possession financing.

4. Pursuant to the Final Order (I) Authorizing the Payment of Certain Prepetition and Postpetition Taxes and Fees and (II) Granting Related Relief (Docket No. 103), the Debtors continue to 

pay prepetition taxes and fees as they come due.

5. For a complete list of the insurance policies currently in effect, please see the Final Order (I) Authorizing the Debtors to Continue and Renew their Insurance Coverage and Policies Entered 

Into Prepetition and Satisfy Obligations Related Thereto and Related to the Surety Bond Program, and (II) Granting Related Relief (Docket No. 379). Supplemental information is shown on 

the following page.

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In re: Chinos Holdings, Inc., et al. MOR-8A

Case No. (Jointly Administered) 20-32181

Reporting Period: 30-May-20

Debtor Questionnaire - Insurance Supplement

Change (New, Lapsed, 

Modified, etc.)

Policy Type Insurance Carrier Policy Number Policy Term Approximate Annualized 

Premium

Renewed D&O Insurance AXA XL - Professional Insurance ELU167313-20 05/14/2020 to 05/14/2021 $ 580,000

Renewed D&O Insurance Berkeley Profession Liability BPRO8054024 05/14/2020 to 05/14/2021 $ 318,750

Renewed D&O Insurance Markel MKLM6EL0005442 05/14/2020 to 05/14/2021 $ 464,000

Renewed D&O Insurance Nationwide XMO2009266 05/14/2020 to 05/14/2021 $ 268,192

Renewed D&O Insurance Beazley V2B2E0200101 05/14/2020 to 05/14/2021 $ 254,782

Renewed D&O Insurance Berkshire Hathaway Specialty Insurance G71805530 001 05/14/2020 to 05/14/2021 $ 250,000

Renewed D&O Insurance Hudson Insurance Group HN-0303-5614-051420 05/14/2020 to 05/14/2021 $ 125,000

Renewed D&O Insurance Sompo International DOP30001681500 05/14/2020 to 05/14/2021 $ 725,000

Renewed D&O Insurance Chubb G71805530 001 05/14/2020 to 05/14/2021 $ 318,750

Notes:

For a complete list of the insurance policies currently in effect, please see the Final Order (I) Authorizing the Debtors to Continue and Renew their Insurance Coverage and Policies Entered Into Prepetition and 

Satisfy Obligations Related Thereto and Related to the Surety Bond Program, and (II) Granting Related Relief (Docket No. 379). The above represents the Debtors’ insurance policies which have been modified 

during the reporting period:

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In re: Chinos Holdings, Inc., et al.

Appendix A - Consolidated Statement of Operations (In 000s)

Debtor Entities

For the

Four

Weeks Ended

May 30, 2020

Total revenues........................................................................................ $ 145,255

Cost of goods sold, including buying and occupancy costs.................... 110,511

Gross profit............................................................................................ 34,744

Selling, general and administrative expenses......................................... 22,799

Impairment losses................................................................................... 30

Income from operations.......................................................................... 11,915

Interest expense, net............................................................................... 2,767

Reorganization items.............................................................................. 6,149

Income before income taxes................................................................... 2,999

Provision for income taxes..................................................................... 764

Net income............................................................................................. $ 2,235

Notes:

The financial information has been derived from the books and records of the Debtors. This information, 

however, has not been subject to certain procedures that would typically be applied to financial 

information in accordance with U.S. GAAP, and upon application of such procedures, the Debtors believe 

that the financial information could be subject to material changes.

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In re: Chinos Holdings, Inc., et al.

Appendix B - Consolidated Balance Sheet (In 000s)

Debtor Entities May 30,

2020

ASSETS

Current assets:

Cash and cash equivalents............................................................................................... $ 172,737

Accounts receivable, net.................................................................................................. 7,768

Merchandise inventories, net........................................................................................... 412,646

Prepaid expenses and other current assets....................................................................... 64,769

Refundable income taxes................................................................................................. 24,525

Total current assets.......................................................................................................... 682,445

Property and equipment, net................................................................................................... 207,795

Right-of-use lease assets........................................................................................................ 414,669

Intangible assets, net............................................................................................................... 240,575

Goodwill................................................................................................................................. 107,900

Other assets............................................................................................................................ 10,357

Total assets............................................................................................................................. $ 1,663,741

LIABILITIES AND STOCKHOLDERS’ DEFICIT

Current liabilities:

Accounts payable............................................................................................................. $ 32,000

Borrowings under the ABL Facility (1)........................................................................... 309,094

Other current liabilities.................................................................................................... 110,990

Due to subsidiaries, net.................................................................................................... 77,604

Borrowings under the DIP Facility.................................................................................. 16,076

Interest payable................................................................................................................ 694

Total current liabilities..................................................................................................... 546,458

Deferred income taxes, net..................................................................................................... 13,693

Liabilities subject to compromise........................................................................................... 2,594,449

Other liabilities....................................................................................................................... 22,279

Total liabilities........................................................................................................................ 3,176,879

Total stockholders’ deficit...................................................................................................... (1,513,138)

Total liabilities and stockholders’ deficit............................................................................... $ 1,663,741

Notes:

1. Borrowings under the ABL Facility are classified as a current liability not subject to compromise because the proposed Plan of 

Reorganization treats such claims as unimpaired.

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