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Jennifer Braun Published
December 3, 2025
On top of a quarterly revenue gain, J.Crew announced on Monday it has struck a deal with creditors, as the fashion group looks to take its shining Madewell brand public.
A potential IPO has been in the cards for Madewell since April, with plans for it officially announced in September.
In an earnings update on Monday, the U.S. fashion company said it has finalized an agreement with creditors that will see it separate its J.Crew and Madewell brands into two independent companies. The company also confirmed plans to pursue a "proposed IPO of Madewell" and "recapitalize the company's balance sheet."
“As a result of the transaction, we expect both J.Crew and Madewell to have sustainable capital structures and to deliver enhanced value for our stakeholders," said Michael J. Nicholson, president, COO and interim CEO, in an earnings update.
During the third quarter, Madewell sales increased 13 percent to $151.6 million, while comparable sales increased 10 percent, following an increase of 22 percent in the third quarter last year.
Meanwhile, J.Crew sales decreased 4 percent to $415.8 million, though J.Crew comparable sales were flat. Overall, the company said total revenues increased 1 percent to $625.6 million.
The company, however, widened its net loss to $19.9 million from a net loss of $5.7 million in the year-ago quarter.
Minus the impact of transaction costs and non-cash impairment charges, adjusted EBITDA increased $25.2 million to $78.8 million, from $53.6 million in the third quarter last year.
"Our third quarter results reflect adjusted EBITDA growth of nearly 50 percent, marking our strongest third quarter performance in the last five years,” added Nicholson.
“These results reflect encouraging momentum at the J.Crew brand fueled by strong gross margin performance, continued growth at Madewell and the early benefits of our multi-year cost optimization program announced in September. Our teams are enthusiastic about our progress and remain relentlessly focused on continuing to capitalize on this momentum as we head into the holiday season.”