>> mickey drexler made j.crew am a shop.re the iconic brand was due to file for public offering come and he has an amazing offer himself. look at the potential deal. >> selfie of the stars. will find out how the second screen is taking the award show to the next level. andme to "market makers" i am stephanie role. >> what a contrast to what is going on here. a crisis developing in eastern europe. that is where we will start the newsfeed. market fallout from the developing crisis and the ukraine. u.s. stocks down almost of percent today if you measure them by the dow. s&p 500 down a little bit less. most markets in the red. particularly in eastern europe. this was very concentrated. downussian benchmark around 11%. the biggest owner of casinos is selling them to an affiliate. caesar's will sell three in vegas and another one in orleans. to restructure more than 24 billion dollars of debt. american express trying to bodman -- broaden the customer base by no fee customer -- credit card. the new card will carry no interest rate

ofanai is a big fan mickey drexler. they would probably keep him at the helm.ow that would work out is tough to say. you are talking about classic personalities. >> the two men have a connection. yanai has been in touch with j.crew for a long time. talks just turn it recently formally because there has been discussions about this company going public. it has five equity backers. that want to cash out. >> any news on j. crew going public? >> they want to be valued like ted baker which traits 17 times cash flow were just gap which trades about eight times. for a growthd retailer, that's what they're going for. >> thank you for the latest on fast retailing looking at j.crew as a possible acquisition. more is coming up on "bloomberg surveillance." capital management is sending letters to fannie mae and requesting corporate governance actions. we will speak with roots berkowitz. --bruce berkowitz. this is "bloomberg surveillance," on bloomberg television, streaming on your phone, your tablet, and bloomberg.com. ♪ good morning, everyone "bloomberg surveillance." futu

they're huge fans of mickey drexler. i wasn't at all surprised they wanted to buy them.ell to fast retailing. but i think it would be a great merger. fast retailing is a big powerhouse, worldwide powerhouse. they'd like to have a big strong presence in the u.s. unicloe has been big for them but i know they'd like to own j. crew. >> we were talking about walmart offering deep discount, much like you'd see on black friday. is walmart going to crush the competition in the spring once again and force all of these guys down to bring their prices down to match? >> i've competed with walmart my whole life. we always said walmart takes out the bottom. when walmart takes out the bottom, compression happens all down through the chain and everybody has to price more aggressively. remember, walmart's biggest competitor is not really target. it's not really the dollar stores. it's really amazon. amazon runs at zero gross margin for all practical purposes. they have to be aggressive on price. >> do you think jcpenney could be a private equity target? >> nothing would paek make it impo

i know mickey drexler pretty well and he's impressed i should say with what your retailer has done.uiring j. crew? >> i'm here to run the u.s. business, and i really can't comment on anything, but, you know, all companies are always looking at all possible opportunities for growth. >> well, given all of the competitors such as a j. crew, how do you position the company from both a value and fashion perspective and to your customer base? >> well, our brand stands for stylish -- stylish classics, great innovation, be that in our heat tech or safety with our uv functionality, with dry pants and dry polo shirts. so, it's about making yourself -- making your life easier to live with uniqlo clothing. >> i've been at the 53rd street and fifth avenue location, my colleagues know i don't normally go in many of these stores, but my kids dragged me in. it's quite an interesting experience. are you replicating that in the other stores in terms of the opening? >> we are trying to bring elements as that stores is large and our stores elsewhere are not as large. right now if you go into the store,

they admire mickey drexler. he's a wonderful leader and i think j.ed lobster? this is so much fun. >> i think the space that red lobster is this is a tough space and i think they have re-engineering they are looking at, but, again, it's a tough environment. >> finally on the tough environment coming back to a question we've entertained many times, mall-based retailers and there's a seminal change in people's willingness to visit a mall. you sold out, you had a lot of mall-based businesses. what do you think? >> there's no question there's a change that is taking place. they go to the malls for entertainment and restaurants and shopping. there's a reason for the mall but there's energy and new energy that has to be brought to the mall. >> it's like serving against agassi, every ball just comes right back. unbelievage, steve. >> thank you. >>> steve sadove, the man who brought a full floor of separate zip code shoe department in new york. >>> and let's get another check on the markets and traders absolutely glued to the news out of ukraine. the tension