- Dale Arden Chong |
The J.Crew Group has announced that it has reached an agreement that will officially separate its denim brand, Madewell, into an independent company. In a press release from the company, Michael J. Nicholson—the company’s president, chief operating officer and interim chief executive officer—shared that the terms of the transaction will also allow the company to “pursue a proposed IPO of Madewell and recapitalize [J.Crew Groups] balance sheet.”
While J.Crew has been suffering, Madewell—which has proven continual growth—is expected to offset the brand’s debt as it separates from the company and goes through with the planned IPO. The announcement comes after the company filed for an IPO, which happened earlier this year.
Image: Madewell Facebook