GSO Capital Partners, private equity firm Blackstone Group LP’s (BX.N) credit arm, is acquiring more of J. Crew Group Inc’s debt, hoping for a profitable trade that could also give the U.S. fashion retailer more time to stave off bankruptcy, people familiar with the matter said. Sales have been declining as J. Crew, whose ballet flats and cashmere cardigans were once a staple of middle-class U.S. wardrobes, struggles to keep abreast of changing tastes and faces fierce competition from cheaper online retailers.