Preppy outfitter J. Crew could soon be selling itself–or at least its shares in an initial public offering.
The private-equity backed retailer owned by TPG Capital and Leonard Green & Partners LP was bought out in 2011 for $2.86 billion.
An unnamed source told Women’s Wear Daily that J. Crew could go to another private owner in 2014. “It’s certainly not out of the question,” the source said. “There’s been a lot of interest from people around the world who would like to acquire or partner with J. Crew.”
According to The Deal, J. Crew placed $500 million in pay-in-kind toggle notes to issue a dividend to its owners, a move that tends to indicate a pending IPO.
The company released preliminary financial statements for the third quarter showing an 11.3% revenue increase to $422.3 million from $379.4 million last year.
J. Crew has not commented on the potential move.
