J.Crew to cut 150 jobs with sales in retreat

AP News
Posted: Apr 25, 2017 11:55 AM

NEW YORK (AP) — J.Crew, the preppy clothing retailer, will cut about 150 jobs to trim costs.

Like other retailers, J.Crew has suffered as more people shop online. The company has lost money for the past three years.

Most of the job cuts will be at its corporate headquarters in New York. It will also not fill about 100 corporate positions that were open. The changes will save it about $30 million a year, and the company says it will post a charge of about $10 million in the first quarter due to severance payments and other termination costs.

The company has more than 570 J.Crew, Madewell and outlet stores.