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A mere couple of weeks after reports of a potential buyout first surfaced, Fast Retailing‘s talks to purchase J.Crew have apparently fallen apart. The Wall Street Journal reports that the Japanese retail holding company – which owns retail giant Uniqlo – has pulled out of talks to purchase the American brand from current owners TPG and Leonard Green. Fast Retailing apparently deemed the $5 billion USD asking price too high, thus leaving J.Crew open to pursue the long-rumored IPO that was on the table prior to the potential deal – a deal that would have given Fast Retailing a more immediate foothold in the United States while likely opening J.Crew to international expansion in the future. TPG and Leonard Green originally purchased J.Crew for $2.8 billion USD back in 2011.