J.Crew Announces Store Closures As Sales Continue to Drop

J. Crew has not have the easiest past couple of years when it comes sales. Recently, the company released some of their revenues, and it looks like things are nowhere near improving.  According to revenue decreased by 6 percent to $532.0 million, and with sales decreasing by 11 percent.  The fashion website continued to express that these numbers would not be so alarming if it wasn’t for J.Crew’s sister company, Madewell, and their increasing numbers in revenue and sales.

J.Crew’s Chairman and CEO released this statement:

“While we are disappointed with our first quarter earnings, we are optimistic regarding the work we have underway to improve our business.  We have a clear vision and action plan in place to meet our customers’ needs — wherever and however they choose to shop. I look forward to transitioning my role to chairman and to working with our new CEO, Jim Brett, as he takes the reins in July and continues to position J.Crew for long term success.”

The company has revealed future plans to reorganize its executive branch and close certain stores. Interestingly, there will be new Madewell stores opening in the near future.  Another large aspect the company is focusing on is its designs, as well as its merchandising.  Both Lisa Greenwald, Chief Merchandising Officer, and Somsack Sikhounmuong, Head Designer, are looking to continue to improve J.Crew’s classic looks and add new styles to the brand.  The company is also looking a lot towards customer feedback.  And last, the company is looking to become more international.

Hopefully, all these efforts will help J.Crew to get back on top.

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