(Bloomberg) -- Windsor Fashions, a retailer selling occasion wear such as prom dresses, is planning an initial public offering 85 years after its founding, according to people with knowledge of the matter.

The company is working with financial advisers on the IPO, which could take place as soon as the first half of this year, depending on market conditions, the people said, asking not to be identified discussion private information. The company, backed by private equity firm Sun Capital Partners, could be valued at more than $1 billion, one of the people said.

The company hasn’t made a final decision and its plans, including the timing of a listing, could still change, the people added.

A representative for Windsor Fashions, based in Santa Fe Springs, California, didn’t respond to requests for comment. A spokesperson for Sun Capital declined to comment.

Windsor Fashions had more than 230 stores as of May and was planning to open another 150 locations, according to a statement in May. Founded in 1937 by two brothers selling hosiery and lingerie, the company received investments in 2017 from Sun Capital, which also backs apparel brands Vince and Scotch & Soda, according to the statement. 

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