Friday, November 30, 2018

J. Crew cuts loss; to discontinue low-priced Mercantile unit

Chain Store Age
Earlier this month, J. Crew dismissed its CEO, James Brett, over reported disagreements with the board. Some of the programs he put in place are being discontinued, while others are being retooled. J. Crew is currently being run by an “office of the CEO” made up of four senior J. Crew executives.

In news first reported by The Wall Street Journal, J. Crew plans to discontinue its budget apparel division, Mercantile.

In an internal memo that was cited by the Journal, the company told employees its priorities are to “return the J.Crew brand to profitable growth” to focus on growing its lower-cost “factory” business online and in stores. . . . more