UPDATE 1-J Crew received no rival takeover bids - source

* J Crew to stick with original takeover bid - source

* Sears, Urban Outfitters among those who looked-sources (Adds background, byline)

By Jessica Hall

PHILADELPHIA, Jan 16 (Reuters) - J Crew Group Inc JCG.N received no rival takeover bids during its "go shop" period and will remain with its original $2.86 billion buyout offer from TPG Capital LP [TPG.UL] and Leonard Green & Partners LP, a source familiar with the situation said on Sunday.

Sears Holdings Corp (SHLD.O), Urban Outfitters Inc (URBN.O) and at least two other private equity firms had been looking at the financial books of J Crew during the "go shop" period that allowed J Crew to solicit other suitors, sources previously told Reuters.

A $2.86 billion deal to acquire J Crew was announced on Nov. 23, with TPG Group and Leonard Green & Partners LP agreeing to buy the company for $43.50 a share, a premium of about 15 percent.

J Crew's stock closed Friday at $43.82 on the New York Stock Exchange.

The clothing retailer, which also runs a catalog and website, has been the target of several shareholder lawsuits in the wake of its takeover agreement. The lawsuits have protested the proposed sale price and asserted that J Crew Chairman and Chief Executive Millard Drexler potentially breached his fiduciary duties to investors.

Drexler weighed a sale of the clothing retailer for nearly seven weeks before informing the board of discussions with suitors, according to a company filing with the U.S. Securities and Exchange Commission. [ID:nN07264425]

Drexler, a highly respected merchant who came to J Crew after years at Gap Inc (GPS.N), will continue as chairman and chief executive officer and maintain a significant equity investment in J Crew.

TPG first bought J Crew in 1997 and hired Drexler six years later. It sold its stake after taking J Crew public in 2006.

J Crew, which had outperformed most retailers in the beginning of 2010, shocked the market in August when it cut its 2010 outlook, citing "nervous" shoppers and promotions by competitors. [ID:nN26219118] In November, it cut its 2010 forecast a second time.

Since announcing the J Crew deal, Leonard Green has also agreed to buy fabric and crafts retailer Jo-Ann Stores Inc JAS.N for about $1.6 billion in cash. A media report has also said the private equity firm also wanted to acquire BJ's Wholesale Club Inc BJ.N. (Reporting by Jessica Hall; Editing by Maureen Bavdek and Richard Chang)