But over the last few years, J.Crew has become the latest victim of an unforgiving retail environment. J.Crew is trying to atone for its missteps by lowering prices and pivoting its marketing strategy, slashing prices on approximately 300 items.
Millard Drexler will continue in his role as Chairman.
"As chairman and an owner of the company, it is my responsibility to focus on the future of J. Crew and find the right leadership to execute on our strategic plans", Drexler said in Monday's statement. "There's excitement about J. Crew and [sister brand] Madewell - brands that people love and admire".
J.Crew's season of discontent continued on Monday when the struggling retailer said longtime Chief Executive Mickey Drexler is stepping down.
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Adoption of the same system "will ultimately result in all patient data residing in one common system", the secretary said.
"Given elevated leverage, deteriorating operating trends and negative cash flow projections, debt restructuring risk is increasing in advance of J.Crew's May 2019 holdco note maturity ($567 million due)", Fitch said, predicting that the company will lose between $50 million and $60 million of free cash flow in 2017. He was also an Apple board member from 1999 to 2015, and played a key role in designing the company's retail stores. But, it has been a frequent target of former fans who say Drexler and his team have removed the product quality once synonymous with the brand. "Jim has a proven track record of pushing for innovation and growing omni-channel brands".
West Elm was a flailing brand when Brett took up the position as CEO in 2010.
Incoming CEO James Brett has been West Elm's President for seven years, schlepping poofy couches in tasteful shades of eggplant and presiding over the furniture retailers move into the hotel business. Prior to West Elm, he was the Chief Merchandising Officer for the Urban Outfitters Division of Urban Outfitters, Inc. In March, J. Crew, which is backed by private equity firms TPG Capital and Leonard Green & Partners, reported that revenue fell 2 percent, to $695 million, in its fiscal quarter ending January 28.