Crew, Ending an Era -

Crew, Ending an Era -
By VANESSA FRIEDMAN and JULIE CRESWELLJUNE 5, 2017
Crew announced on Monday that Millard Drexler, the legendary merchant who masterminded the reinvention of the former preppy catalog brand
but also oversaw the company’s struggles in the last couple of years, would be stepping aside as chief executive.
“Jim has a proven track record of pushing for innovation and growing omni-channel brands.”
The choice of an outsider, and one whose most recent experience came at a middle-market furniture brand, acknowledges the troubles J.
Crew, which is backed by the private equity firms TPG Capital and Leonard Green & Partners, reported
that revenue fell 2 percent, to $695 million, in its fiscal quarter ending Jan. 28.
Same-store sales have fallen in 11 of the last 12 quarters, and the company shut its bridal business last year.
Mr. Drexler, who is known as Mickey, will remain chairman and an owner of J.
The brand has been the subject of bankruptcy rumors because of its $2 billion debt load, some of which will become due next year.
Crew and find the right leadership to execute on our strategic plans,” Mr. Drexler said in a statement.