J. Crew, the preppy retailer that has been struggling to find its footing in recent years, may spin off its Madewell brand by the end of 2019.
The company said on Thursday that it was exploring a potential initial public offering for Madewell, which could be completed in the second half of 2019, as it looks to raise much-needed capital. J. Crew, which has not had a leader since November, also said that Michael J. Nicholson, its president and chief operating officer, would be its interim chief executive.
A potential Madewell I.P.O. could bring in capital to help pay off debt that J. Crew is set to repay in 2021 and improve the retailer’s overall balance sheet. The company views a spinoff as “giving us an improved platform to support J. Crew’s turnaround and allowing Madewell to achieve its full potential over the long term,” Mr. Nicholson said in the statement.
J. Crew declined to comment beyond its statement.
The announcement puts a spotlight on J. Crew’s challenges with merchandise and leadership in the past few years and the divergent fortunes of its newer, though much smaller, Madewell brand. J. Crew, known for its classic, colorful workwear, kicked off the decade as a favorite of Michelle Obama. It was taken private in 2011 in a billion deal led by TPG Capital and Leonard Green & Partners. But the brand’s sales started to falter in 2015 as it made fashion missteps and began to lose favor with many of its core consumers, who questioned the quality and fit of its apparel.
While J. Crew flailed, consumers flocked to the smaller and hipper Madewell. Revenue from the retailer’s namesake brand shrank to .8 billion, or 72 percent of its business, last year, while Madewell’s sales expanded to 9 million, or 21 percent of overall sales. Madewell, which has its own stores and is also sold at Nordstrom, accounted for less than 10 percent of J. Crew’s sales four years ago. The brand has been built on denim, which is experiencing a resurgence across retail chains.
Raya Sokolyanska, a senior analyst at Moody’s, said the company “certainly needs to do whatever it can to address its high leverage,” pointing to J. Crew’s .7 billion in overall debt.
“Clearly, the opportunity to do something was monetizing Madewell,” she said. “They’re very popular with millennials. You’re not going to see a lot of discounting in their stores. They seem to have, for the time being, cracked the code of how to reach consumers with a good product and a good price point.”
Mr. Nicholson’s appointment as interim chief executive is also of note, as it follows years of leadership struggles at J. Crew. In 2017, the company’s well-known chief executive, Millard Drexler, stepped down, and its longtime creative director, Jenna Lyons, resigned. James Brett, the former president of West Elm, succeeded Mr. Drexler as chief executive but left abruptly last November. Mr. Drexler, a legendary retail industry figure known as the Merchant Prince, remained as chairman until this past January, when he stepped down.
J. Crew’s plans follow an announcement from Gap in February that it planned to spin off Old Navy, separating the retailer’s classic, more expensive brands from its biggest and most value-oriented chain.B:
本港台开奖现场直播59【阴】【谋】！ 【李】【尧】【第】【一】【时】【间】【就】【冒】【出】【这】【么】【个】【念】【头】！ 【这】【老】【货】【脸】【上】【阴】【险】【叵】【测】【的】【笑】【容】【简】【直】【和】【当】【初】【寝】【室】【里】【曹】【二】【哈】【和】【老】【陈】【他】【们】【满】【脸】【促】【狭】【的】【说】【要】【凑】【钱】【带】【自】【己】【去】【铸】【造】【大】【宝】【剑】【一】【样】。 【阴】【险】！ 【然】【而】【他】【李】【老】【板】【远】【在】【地】【球】【的】【时】【候】【都】【可】【以】【保】【持】【完】【璧】【之】【身】！ 【更】【不】【要】【说】【在】【这】【里】【了】！ 【他】【岂】【能】【让】【这】【老】【货】【坏】【了】【自】【己】【的】【名】【声】？！ 【李】【尧】【断】【然】【道】
【更】【何】【况】，【魔】【骨】【王】【座】【的】【力】【量】，【也】【不】【是】【每】【次】【都】【那】【么】【有】【用】【的】。 【谁】【也】【不】【知】【道】，【魔】【界】【通】【道】【那】【边】【发】【生】【那】【么】【大】【的】【事】，【玄】【天】【神】【宫】【的】【人】【会】【不】【会】【派】【人】【下】【来】【查】【探】。 【如】【果】【对】【方】【的】【身】【上】【携】【带】【着】【天】【道】【的】【什】【么】【东】【西】，【而】【魔】【骨】【王】【座】【因】【为】【守】【护】【他】【们】【而】【泄】【露】【了】【什】【么】【气】【息】【的】【话】，【很】【容】【易】【被】【那】【些】【人】【给】【侦】【探】【到】。 【因】【此】，【洛】【清】【瞳】【这】【会】【还】【是】【很】【感】【谢】【血】【千】【幽】【他】【们】【的】
【李】【父】【妥】【妥】【的】【下】【马】【威】【让】【朱】【掌】【柜】【气】【的】【手】【发】【抖】，【刚】【想】【分】【辨】【几】【句】【的】【时】【候】，【李】【俊】【阳】【从】【屋】【里】【搬】【出】【凳】【子】【放】【在】【院】【里】【说】【道】：“【李】【心】【姑】【娘】【是】【应】【该】【多】【出】【来】【晒】【晒】【太】【阳】，【日】【脚】【淡】【光】【红】【洒】【洒】，【薄】【霜】【不】【消】【桂】【枝】【下】。” 【李】【心】【抬】【头】【看】【了】【眼】【自】【己】【头】【顶】【上】【的】【桂】【花】【树】【笑】【着】【说】【道】：“【冉】【冉】【晨】【雾】【重】，【晖】【晖】【冬】【日】【微】。” 【装】X【谁】【不】【会】【啊】，【熟】【读】【唐】【诗】【三】【百】【首】，【不】【会】【吟】【也】【说】本港台开奖现场直播59【周】【六】【考】【试】，【很】【重】【要】！【周】【末】【恢】【复】【更】【新】
【三】【都】【赋】 【魏】【晋】· 【左】【思】 【盖】【诗】【有】【六】【义】【焉】，【其】【二】【曰】【赋】。【杨】【雄】【曰】：“【诗】【人】【之】【赋】【丽】【以】【则】。【班】【固】【曰】：“【赋】【者】，【古】【诗】【之】【流】【也】。”。【先】【王】【采】【焉】，【以】【观】【土】【风】。【见】“【绿】【竹】【猗】【猗】”【于】【宜】，【则】【知】【卫】【地】【淇】【澳】【之】【产】；【见】“【在】【其】【版】【屋】”，【则】【知】【秦】【野】【西】【戎】【之】【宅】。【故】【能】【居】【然】【而】【辨】【八】【方】。 【然】【相】【如】【赋】【上】【林】【而】【引】“【卢】【橘】【夏】【熟】”，【杨】【雄】【赋】【甘】【泉】【而】【陈】“【玉】【树】【青】
【经】【过】【交】【谈】【双】【方】【知】【道】【的】【信】【息】【都】【得】【到】【了】【很】【大】【程】【度】【的】【完】【善】。 “【各】【位】【事】【情】【的】【原】【委】【相】【信】【大】【家】【已】【经】【清】【楚】【了】，【不】【过】【还】【有】【一】【件】【事】【需】【要】【询】【问】【各】【位】【一】【下】。” 【星】【辰】【之】【前】【完】【全】【有】【机】【会】【可】【以】【杀】【掉】【他】【们】，【之】【所】【以】【会】【说】【之】【前】【的】【话】，【只】【是】【想】【会】【有】【几】【个】【良】【知】【未】【泯】【的】【人】【族】【会】【做】【出】【正】【确】【的】【选】【择】，【而】【自】【己】【留】【他】【们】【一】【名】【只】【是】【想】【问】【出】【跨】【界】【的】【办】【法】。 【星】【辰】【一】【挥】【手】
【拍】【卖】【的】【流】【程】【让】【尘】【寰】【宇】【觉】【得】【十】【分】【无】【聊】，【尘】【寰】【宇】【希】【望】【赶】【快】【打】【龙】【族】【的】【圣】【物】，【然】【后】【自】【己】【买】【了】【走】【人】。 【随】【着】【拍】【卖】【品】【一】【件】【件】【地】【被】【不】【同】【的】【富】【豪】【收】【入】【囊】【中】【后】，【终】【于】【压】【轴】【的】【拍】【卖】【品】【登】【场】【了】，【足】【足】【让】【尘】【寰】【宇】【等】【待】【了】2【小】【时】【的】【东】【西】【终】【于】【出】【现】【了】。 “【你】【可】【让】【我】【好】【等】【啊】！”【尘】【寰】【宇】【脸】【上】【表】【情】【终】【于】【有】【所】【松】【缓】。 “【这】【一】【件】【是】【我】【们】【的】【人】【从】【龙】【族】【秘】【境】
【浑】【浑】【噩】【噩】【上】【了】【一】【天】【的】【班】，【到】【下】【班】【的】【时】【候】【谨】【安】【除】【了】【已】【经】【吐】【出】【来】【的】【早】【饭】，【一】【口】【饭】【都】【没】【有】【吃】。 【到】【奶】【奶】【家】【的】【家】【的】【时】【候】【叶】【言】【言】【已】【经】【在】【收】【拾】【东】【西】【了】，【她】【的】【头】【发】【有】【些】【散】【乱】，【看】【上】【去】【很】【没】【有】【精】【神】。 “【奶】【奶】【醒】【了】【吗】？【谨】【安】【站】【在】【卧】【室】【门】【口】【有】【些】【紧】【张】【的】【问】【到】。 “【醒】【了】。”【叶】【言】【言】【还】【在】【一】【件】【件】【的】【收】【拾】【衣】【服】，【看】【样】【并】【不】【想】【和】【谨】【安】【多】【说】【话】。