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.
As one of the most recognizable models in the world, Christy Turlington Burns has an insider’s view of the fashion industry and the allegations of sexual harassment swirling around it. “I can say that harassment and mistreatment have always been widely known and tolerated in the industry. The industry is surrounded by predators who thrive on the constant rejection and loneliness so many of us have experiences at some point in our careers,” Turlington told WWD, along with her suggestions for how the modeling world should protect younger women and men. Read more on WWD.com. Link in bio. (📷: Tony Palmieri) #wwdnews
@asics America has tapped a new brand ambassador: famed DJ/record producer @steveaoki. This initiative is intended to set the tone for the new brand identity and philosophy and will include partnerships with influencers and in-store and off-line activations that will continue into next year. This is Asics’ most significant marketing effort in two decades, and is expected to attract younger consumers to the brand. #wwdfashion
24-year-old Jean Prounis is redefining the rules of jewelry. Formerly a studio assistant to Jemima Kirke and a design apprentice at Ghuran, she focuses on handcrafted subtleties and ancient goldsmithing techniques. “There was a really sterile feel in the environment and I wanted to have jewelry with character that shapes how you wear it everyday,” Prounis said. Each piece is hand made in New York, either by Prounis or three other jewelers in the district. #wwdfashion
“These collections continue to build on that vision, empowering differently abled adults to express themselves through fashion,” said @tommyhilfiger of his line of adaptive apparel, which launches today. The line consists of 37 men’s and 34 women’s styles based upon the pieces from the spring Tommy Hilfiger sportswear collection. #wwdnews
“Stranger Things” is getting a new cast member for season 2. Meet @sadiesink_, the 15-year-old who will be joining the Netflix series for its new season. You may recognize her from “The Glass Castle” with Brie Larson and Woody Harrelson, but the Texas native’s next role goes in an entirely different direction. She describes her character, Max, as “a rough and tumble skater girl [who] becomes friends with the boys at school.” The second season debuts on October 27. (📷: @jgreenery) #wwdeye
Amid the Harvey Weinstein controversy, there’s another sector that’s being put under the spotlight for sexual abuse: the modeling industry. While rumors about abuse and sexual harassment of female and male models — and the photographers, agents and others who perpetrated it — have circulated within the fashion world for years, model @cameronrussell started posting stories from models on Instagram last week about abusive situations they’ve encountered — from sexual harassment and molestation to attempted rape. Over 75 have weighed in so far. Read more on WWD.com. Link in bio. #wwdnews
To celebrate its 16th anniversary, @dylanscandybar tapped designers and celebrities to create mosaics out of candy. The mosaics will be auctioned off to support the philanthropic cause of each participant’s choice. Pictured here is the mural created by @aliceandolivia's Stacey Bendet. For a first look at some of the other artwork being unveiled tonight, go to WWD.com. #wwdeye
The annual Veuve Clicquot Polo Classic in Pacific Palisades this weekend drew Kate Hudson, Tracee Ellis Ross, Laura Dern and more. See pictures of the star-studded event on WWD.com. (📷: @chelsealaurenla) #wwdeye
In his new book “Hollywood Royale,” Andy Warhol’s Protégé Matthew Rolston celebrates the Eighties revival of Hollywood glamour. Featuring more than 100 portraits taken by Rolston from 1977 to 1993, the book contains photos of icons like Michael Jackson, Cyndi Lauper, and @drewbarrymore, pictured here in 1991. “Hollywood Royale,” out today, will be accompanied by an exhibition opening at Los Angeles’ Fahey/Klein Gallery on March 1. #wwdeye