J.Crew To Cut 150 Jobs To Offset Losses

NEW YORK (AP) — J.Crew, the preppy clothes retailer, stated Tuesday that it’ll reduce about one hundred fifty jobs to trim prices.

Like different retailers, J.Crew has suffered as extra individuals store on-line. The corporate has misplaced cash for the previous three years.

A lot of the job cuts shall be at its New York company headquarters the place about 1,000 individuals work. It is going to additionally not fill about one hundred company positions that have been open. The modifications will reserve it about $30 million a yr, and the corporate says it should publish a cost of about $10 million within the first quarter on account of severance funds and different termination prices.

The corporate has greater than 570 J.Crew, Madewell and outlet shops.

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