Monday, September 30, 2019

Moody's splashes cold water on Madewell IPO

Retail Dive
Moody’s Investors Service analysts last week threw some cold water on J. Crew Group’s plans to separate its Madewell unit and take it public, saying, among other things, that the company may be overestimating Madewell’s value. While J. Crew pegs Madewell’s enterprise value at between $1.9 billion and $2.9 billion, Moody’s puts it at closer to $1.2 billion to $1.9 billion.

The move also depends on the company and a group of its lenders agreeing on a debt restructuring plan, which Moody’s noted remains uncertain.. . . more