NEW YORK — J. Crew on Wednesday said it is extending its tender offer and consent solicitation.
The offer, in connection with its 9 3/4 percent senior subordinated notes due 2014, will expire at 9 a.m., Eastern Daylight Time, on May 1, unless it is further extended. Meanwhile, some financial sources said while they still expect an initial public offering from the preppy catalogue and retail firm this year, an IPO probably wouldn't materialize until possibly the second or third quarter.
Financial sources said the new Crewcuts concept for boys and girls that will be unveiled later this month, and another retail concept that J. Crew is developing would bolster the IPO "story" to potential investors. Some of those sources said bankers working for J. Crew had heavily promoted the Crewcuts concept late last year before the company, without any reason, pulled its planned IPO and postponed it until sometime this year.
The Crewcuts summer collection will arrive March 31 in a shop-in-shop format at 10 J. Crew stores, ranging from 600 to 1,200 square feet. In addition, a 2,000-square-foot freestanding Crewcuts store, with 1,400 square feet of selling space, will open at the NorthPark Center in Dallas on April 25. The other retail concept in development is completely dissociated from the J. Crew name, with a different price point and target market than its core J. Crew business.
In the latest reporting period, third-quarter operating income for the 13 weeks ended Oct. 29 increased by 69 percent to $22 million from $13 million in the year-ago period. Income rose to $3 million compared with a $10 million loss in the prior year, due to the higher operating income and a $4 million decline in interest expense from debt refinancing in the fourth quarter of 2004.
Revenues for the three months rose 8 percent to $223 million from $206 million in the year-ago quarter. Store sales, including J. Crew's 158 full-price units and 45 outlets, gained 5 percent to $161 million, while same-store sales were up 3 percent. Direct sales, which include Internet and catalogue results, spiked 19 percent to $56 million compared with $47 million in the prior year period.
@kith is moving into children’s. The men’s and women’s streetwear brand has launched Kidset, a Kith kids line located in New York at 64 Bleecker Street. The line includes mini versions of staple Kith pieces like the Astor bomber jacket and the Kith box logo sweatshirts, along with a wall that can display up to 120 pairs of shoes from @adidas, @newbalance, @timberland and more. #wwdfashion
“I just wanted to create this fully rounded character, but I do think what excited me most was just the opportunity to give a group of people representation that I feel needs it. I like to do characters in projects that stand for something and Karolina definitely does, so that was really exciting to me,” @ginnygardner says of her new role in @hulu’s “The Runaways.” Gardner plays Karolina Dean, a queer superhero, which is a rarity for @marvel. Read more about Gardner’s character on WWD.com #wwdeye (📷: @dandoperalski)
@heriethpaul and @gracebol have a moment on the @victoriassecret fashion show 2017. See every look from the runway on WWD.com. Link in bio. (📷: @giovanni_giannoni_photo) #wwdfashion #victoriassecret #VSFashionShow
“Azzedine has been one of the biggest influences in my life. He has always been such a strong, loving, fatherly figure to me. I call him Papa. His designs are indescribably unique, they are pieces of art. He knew how to make the female form look its loveliest. I have so many memories of him; my favorite might be during my first show with him in Paris. He liked me and he wanted to help me get more work. He called all his friends at Kenzo and Comme des Garcons, and asked them to book me. They said, ‘But she can’t walk!’ And he said, ‘but she has such a great ass!' His friendship and support has been the great privilege of my career. I can't imagine life without him. Repose en paix mon Papa.” - @stephanieseymour tells @wwd. #wwdfashion (📷: @steveeichner) #alaia #azzedinealaia
Azzedine Alaïa, flanked by two of his closest friends, models Stephanie Seymour and Naomi Campbell.
He designed Seymour’s dress for her 1995 wedding to Peter Brant, and treated Campbell (who famously called him Papa), like a daughter. For more on the legendary designer, tap the link in bio. #wwdfashion #alaia #azzedinealaia