J.Crew Said to Be Talking With Banks About 2014 IPO

J.Crew Group Inc., the retailer owned by TPG Capital and Leonard Green & Partners LP, is interviewing banks as it weighs an initial public offering in the U.S. later this year, people familiar with the matter said. With 451 stores and about $2.4 billion in annual sales, J. Crew may fetch a valuation of as much as $5 billion, one of the people said. That's almost twice the $2.64 billion value of J.Crew's buyout by TPG and Leonard Green three years ago.