J. Crew To Cut 250 Jobs As Part Of Reorganization

J. Crew Group Inc. said Tuesday that it will cut 250 jobs primarily from its corporate headquarters as part of a reorganization of the company. About 150 full-time jobs and 100 open positions will be axed. The company expects about $30 million in annualized pre-tax savings and will take a $10 million first-quarter charge related to the cuts. The company has also announced a number of executive changes. Chief Financial Officer Michael Nicholson will also be responsible for the planning, merchandising, marketing and design functions of the J.Crew brand. Lisa Greenwald has been named chief merchandising officer for the J. Crew brand. She was previously the senior vice president of the Madewell brand. And Libby Wadle has been named the president of the Madewell brand. She was previously the president of the J. Crew brand. Somsack Sikhounmuong was recently named chief design officer for J. Crew, effective April 5, succeeding Jenna Lyons. The SPDR S&P Retail ETF is down 1.3% for the year so far while the S&P 500 index is up 6.8% for the period.