J. Crew Group Inc. plans to raise $220 million as part of a plan to buy out some of its founders as it continues talks to be acquired by Texas Pacific Group of Fort Worth. J. Crew plans to raise the money in two private placements. The first is a $155-million private placement rated "Caa1" by Moody's Investors Services and the second involves $65 million and is rated "Caa2." The ratings reflect risks associated with the company's plan to add clothing colors and styles. If the purchase is completed, Texas Pacific is expected to own about 88% of the New York-based clothing retailer, while a J. Crew founder and key designer Emily Woods will own the remaining 12%. Closely held J. Crew had sales of about $800 million last year, generating about half that from its catalogs, Moody's said. The company also operates about 47 retail outlets.