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J. Crew Plans IPO

New York City, J. Crew Group today announced that it has filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission relating to the proposed initial public offering of its common stock. The shares will be offered by a group of underwriters led by Goldman, Sachs & Co. and Bear, Stearns & Co. Inc.

The company expects to use the net proceeds of the offering, along with the proceeds of a sale of $73.5 million of its common stock to Texas Pacific Group, its majority shareholder, and borrowings under a new term loan that the company expects to enter into, to redeem its outstanding cumulative preferred stock and some of its outstanding debt and to pay related costs.

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