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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): January 4, 1999
J. CREW OPERATING CORP.
(Exact name of registrant as specified in its charter)
Delaware 333-42423 22-3540930
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(State or other (Commission (I.R.S. Employer
jurisdiction of File Number) Identification No.)
incorporation)
770 Broadway, New York, New York 10003
(Address of principal executive offices)
(Zip code)
(212) 209-2500
(Registrant's telephone number, including area code)
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Item 5. Other Events.
Incorporated by reference herein is Registrant's Press Release dated
January 4, 1999, announcing a management change and preliminary financial
results.
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
99. Press Release dated January 4, 1999.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
J. CREW OPERATING CORP.
By /s/ Barry Erdos
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Name: Barry Erdos
Title: Chief Operating Officer
Date: January 5, 1999
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Exhibit 99
J. CREW
Contact: George Sard/Debbie Miller
Sard Verbinnen & Co.
212/687-8080
J. CREW ANNOUNCES MANAGEMENT CHANGE AND
PRELIMINARY FINANCIAL RESULTS
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NEW YORK, JANUARY 4, 1999--J. Crew Group, Inc. announced today that
Chief Executive Officer Howard Socol has left the company by mutual agreement.
Emily Woods will continue as Chairman of the Board, with Dick Boyce, a
member of the J. Crew Board of Directors, returning to serve as CEO on an
interim basis. Boyce is President of CAF, Inc., an affiliate of Texas Pacific
Group, J. Crew's controlling shareholder.
The departure of Mr. Socol is due to differing perspectives on the
vision and approach for J. Crew's future, and is not related to the financial
performance of the Company.
The company said it had a strong Christmas and expects to meet its
operating cash flow objectives for the fiscal year--driven by strength in
retail with year-to-date comparable store sales up 9%, the turnaround in the
mail order business, and a more than three-fold increase in Internet sales.
For the 10-month period through November 30, 1998, J. Crew Group, Inc.
EBITDA (earnings before interest, taxes, depreciation and amortization) was up
37% and J. Crew Brand EBITDA more than doubled from the same period a year ago.
The number of retail stores has increased from 51 to 65, and the company expects
to open at least 15 new stores this year.
J. Crew Group, Inc. is a leading retailer of men's and women's apparel,
shoes and accessories. J. Crew Group's businesses include J. Crew, Inc. and
Clifford & Wills.
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