J. Crew acquisition completed
New York City — J.Crew Group said Monday its $3 billion deal to be taken private by two investment firms is complete.
Private equity firms TPG Capital and Leonard Green & Partners made a $43.50-per-share buyout offer in November. Shareholders approved the deal last week.
J. Crew and its CEO Mickey Drexler have a history with TPG, which took a majority stake in J. Crew in 1997 and remained majority shareholder until the preppy apparel retailer went public in 2006.
J. Crew’s shares will be delisted from the New York Stock Exchange.
Report: Inditex pays $400 million for Fifth Ave. Zara space
New York City — Spain’s The Inditex Group of Spain will pay $400 million for a flagship Zara retail store at 666 Fifth Avenue in Manhattan.
According to a report by the Wall Street Journal, who cited people familiar with the matter, the transaction is one of the largest retail condominium deals ever. Zara bought out a 32,000-sq.-ft. lease from former occupant NBA store, which had less than three years remaining, according to the report.
The $400 million consists of the purchase price plus the costs associated with the lease buyout. The seller of the retail condo to Inditex is a joint venture of Stanley Chera’s Crown Acquisitions, Carlyle Group and Kushner Cos. The condo is part of a larger, 90,000-sq.-ft. space also occupied by Hollister and a soon-to-open Uniqlo.
Urban Outfitters profit dips in Q4
Philadelphia — Urban Outfitters reported Monday that net income for the quarter ended Jan. 31 dipped slightly to $75 million, compared with $77 million in the year-ago period.
For the full year, profit rose to $273 million from $220 million a year earlier.
Fourth-quarter net sales rose 14% to $668 million. Same-store sales for the quarter increased 4%. By brand, same-store sales rose 1% at Anthropologie, 28% at Free People and 5% for Urban Outfitters.
During the year ended January 31, the company opened a total of 46 new stores including: 21 Urban Outfitters stores, 16 Anthropologie stores and nine Free People stores.