- Dale Arden Chong |
UPDATE - As things continue to look worse for J.Crew, the company has hopes for its brand Madewell. J.Crew announced in a press release that it is actively exploring strategic alternatives to maximize the value of the company, including a potential initial public offering (IPO) of Madewell which, if pursued, could be completed in the second semester of 2019.
“Today's announcement regarding the decision to review strategic alternatives reflects our continued focus on maximizing the value of our Company and our conviction in Madewell's long-term growth potential, which we believe will further enhance our financial flexibility to support a turnaround at J.Crew”, said Chad Leat, Chairman of J.Crew’s board of directors, in the statement.
Although Madewell’s trajectory is moving in a positive direction, J.Crew as a whole has been struggling with declining sales for quite some time.
The company has also announced that Michael J. Nicholson, President and Chief Operating Officer, has taken on the role of Interim Chief Executive Officer, effective immediately. Since November, the role of CEO was occupied by a team of four executives, including Nicholson. All but one of them will remain with J.Crew: Libby Waddle, President and CEO of Madewell, will now dedicate herself only to her assigned role, as will Lynda Markoe, Chief Administrative Officer for the J. Crew Group. Adam Brotman, who currently serves as President and Chief Experience Officer, will resign.