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What's a giant, soft-preppy chain worth these days? Oh, somewhere around $3 billion, if you're J. Crew. Two investment firms have purchased J. Crew, taking the company private. "This will allow CEO Mickey Drexler and co. to fix what’s wrong with the business–and build on what’s right–without having to deal with public shareholders.... Even though going private often means gaining debt, it also means being able to avoid a black hole." Fashionista requests more Madewell, and we concur. [Fashionista]