While Madewell’s growth has slowed, as seen in its same-store sales metric, which last year surged 31%, the brand remains the company’s beacon of hope.
The company continues to mull taking Madewell public, which interim CEO Michael Nicholson on a conference call Wednesday said would bring it “overall financial flexibility” and help meet its debt maturities. The group remains mired in debt, with the total at $1.7 billion compared to $1.71 billion at the end of the first quarter last year, according to the release. As of May 29, there were outstanding borrowings of approximately $198 million under its asset-based lending facility, with excess availability of approximately $113 million.
