J.Crew in talks for possible 2014 IPO

J. Crew — the retailer owned by TPG Capital and Leonard Green & Partners — is talking with banks as it shops around for an initial public offering later this year, sources said.

The NY-based retailer has 451 stores and nearly $2.5 billion in annual sales, J. Crew may fetch a valuation of as much as $5 billion, one of the people said, asking not to be identified discussing private information.

That’s almost twice the $2.64 billion value of J. Crew’s buyout by TPG and Leonard Green three years ago.