J.Crew will close dozens of stores by the end of the month.
The clothing retailer announced its plans to close 39 stores by the end of January, about 6 percent of its total amount of stores. The company, which also owns Madewell stores, announced a total of 50 stores were expected to close during fiscal 2017. The company closed 11 stores in the first three fiscal quarters of the year.
The retailer saw total revenue decrease about 5 percent and comparable company sales decrease 9 percent in the third quarter. J.Crew sales decreased 12 percent to $430 million. Company leaders said the brands would evolve into a “digital first” business.
“Our goal is to reinvigorate the J.Crew brand to reflect the America of today and to continue to drive strong momentum in the Madewell brand,” said Jim Brett, chief executive officer.
J.Crew has a Factory Store location at The Greene Town Center in Beavercreek and another Factory Store at the Cincinnati Premium Outlets in Monroe. The retailer also has Madewell and J.Crew locations in Cincinnati and Columbus. Thousands of stores have closed across the U.S. this year, including other clothing retailers like The Limited, Rue21 and Wet Seal.
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