J. Crew Pushes Back IPO
Investors hoping for a piece of clothier J. Crew will have to wait.
The company, which filed for an initial public offering in August, said the deal has been pushed back from 2005 to early 2006. It didn't explain the delay, which was mentioned in a press release detailing an extension of a consent solicitation to holders of a series of bonds.
J. Crew, which sells upscale casual clothing in about 200 stores and through catalogs and a Web site, expects to raise about $200 million in an offering led by Goldman Sachs and Bear Stearns.
The company is currently controlled by private equity giant Texas Pacific and run by former Gap (GPS) CEO Mickey Drexler.The company has applied to list its shares on the New York Stock Exchange under ticker symbol "JCG." Proceeds of the offering have been pegged for debt redemption.
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