Public Crew

J.Crew Group (New York), the privately owned subsidiary of Texas Pacific Group (Fort Worth, Texas), has filed a registration statement with the Securities and Exchange Commission relating to a proposed initial public offering of common stock.

The company said it 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 reduce some of its outstanding debt and to pay related costs.

Perhaps to that end, the specialty retailer announced the hiring of a new executive vp, chief financial officer. James Scully, formerly with Saks Inc. (Birmingham, Ala.), will report directly to chairman and ceo Millard Drexler. Scully spent over eight years with Saks, first as vp, treasurer, then as senior vp, strategic and financial planning, most recently as executive vp, strategic planning and human resources.