- Facebook/J. Crew
- J. Crew is closing 50 stores
- The company said same-store sales fell 12% in the most recent quarter
J.Crew said Tuesday that it’s planning to close 50 stores as sales plummet.
Same-store sales at the company’s namesake brand fell 12% in the most recent quarter, continuing a long streak of declines.
Last year, J.Crew’s total sales fell 6%, to $2 billion, and same-store sales dropped 8% after decreasing 10% the year before.
The clothing company parted ways with its longtime CEO Mickey Drexler this summer, as well as its creative director Jenna Lyons.
In an interview with The Wall Street Journal, Drexler said the retailer’s biggest mistake over the last several years is that it jacked up its prices at a time when customers were increasingly cost-conscious.
“We gave a perception of being a higher-priced company than we were – in our catalog, online, and in our general presentation,” Drexler told The Journal. “Very big mistake.”