Private equity firm purchases J. Crew - WMC Action News 5 - Memphis, Tennessee

Private equity firm purchases J. Crew

(CNN) - Clothing giant J. Crew is one step closer to changing hands.

The clothing retailer's shareholders approved a controversial $3 billion sale to a private equity company.

The vote paves the way for TPG Capital and Leonard Green and Partners to buy J. Crew for $43.50 a share.  

Company officials said the deal should be finalized by Tuesday.

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