J. Crew Layoffs: Retailer Cuts ‘Dozens’ Of Corporate Jobs

Job cuts have plagued another retailer as J. Crew Group has reportedly laid off dozens of employees from its New York corporate headquarters.

The news was confirmed to Women’s Wear Daily by the company, which said it had “reduced a limited number of filled and open positions” at its headquarters, which it said only affected the J. Crew brand.

According to reports, the J. Crew brand is struggling as it only opened one store in the last quarter and has plans in place to close another 20 J. Crew and factory stores.

In the last year, the company has undergone a shake up of its executive team and has seen CEO James Brett depart in November after just over a year in the position. Interim CEO Mickey Drexler, who had been with the company for 16 years, departed in January.

J. Crew holds $1.7 billion in debt and approximately $198 million in outstanding borrowings with an excess availability of $113 million as of May 29. The company has reportedly gone through another debt restructuring and developed a strategy to reduce debt by cutting expenses.

On the flip side, J. Crew Group’s Madewell brand is thriving and has the potential to be taken public, Retail Dive reported.

This is not the first round of layoffs for J. Crew as the company let 250 employees go from its corporate office two years prior, Retail Dive reported.