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J Crew appoints interim CEO

Michael J Nicholson is interim CEO of J Crew. Nicholson first joined the company as president and chief operating officer in 2016, also serving as chief financial officer until August 2017. Prior to this, he spent eight years at specialty women’ swear retail group Ann, where he served as EVP, chief operating officer, chief financial officer and treasurer. The executive’s other previous experience includes stints at Limited Brands, Victoria’s Secret Beauty Company, Colgate Palmolive and Altria Group.

The J Crew group currently operates more than 500 retail locations in the US. Sales at the J Crew brand fell four per cent in fiscal 2018. The company’s attempt to relaunch and reposition its namesake brand proved to be largely unsuccessful. Ultimately, the company’s five per cent increase in annual revenues was assured by 26 per cent growth at its consistent bright spot Madewell. So much so J Crew is considering launching an IPO for its Madewell business. The hope is that a potential IPO of Madewell could unlock significant value and generate meaningful proceeds that would strengthen the company’s balance sheet and increase overall financial flexibility, offering an improved platform to support J Crew’s turnaround and allowing Madewell to achieve its full potential over the long term.