J Crew is out despite all its efforts to increase sales and get more customers and the brand will probably go bankrupt soon if it doesn’t.
J Crew is out despite all of its efforts to increase sales and get more customers like closing and opening new stores, making more jean sizes, and releasing new swimsuit collections. The brand will also probably go bankrupt if it doesn’t increase sales and profits.
Last year I said the brand was officially out because of it’s declining sales. Then Jenna Lyons resigned as creative director of the brand and was replaced by Somsack Sikhounmuong. About a couple of weeks later, the brand announced it was cutting 250 jobs. A month later Millard Drexler resigned as CEO of the brand. A couple of months afterwards, Sikhounmuong resigned as creative director of the brand.
Given all that, the brand already looks like it might go bankrupt but it seems like it might even more now that customers are talking about it.
Last month Business Insider published an article talking about the brand’s customers and their complaints, which all seem to be about the same thing. The brand’s quality has decreased. One customer wrote on the brand’s Facebook page saying, “J. Crew is turning into H&M. Generic, cheap, and wannabe trendy. Quality has slipped a lot.”
Quite a few other people have also posted on social media about the brands quality as well.
Sales at the brand have also declined by 12% to $430.4 million in the third fiscal quarter 2017. Sales have, however, increased at brands like H&M and Zara. The brand was selling overpriced clothing where the clothes weren’t actually worth as much a size they cost and people didn’t want to pay $300 for a blazer.
The brand has said that it would lower the prices on around 300 items but that quality wouldn’t decrease but it seems it has.
If the brand doesn’t increase sales and profits and get more customers it will probably go bankrupt. Lyons has resigned, the brand cut jobs and closed stores, Drexler resigned, Sikhounmuong resigned, and now the brand’s quality has decreased. I wouldn’t be surprised if the announced it was going bankrupt soon.
As for the brand will go bankrupt, we’ll just have to wait and see.
So, what do you think? Will J Crew go bankrupt? Let me know in the comments below. Also, don’t forget to subscribe to get new posts sent directly to your inbox and follow me on Facebook, Instagram, and Snapchat.
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