As of Monday, October 9, J. Crew closed for business in the CoolSprings Galleria.
CoolSprings Galleria management confirmed that the store has closed and will not relocate to another location in the CoolSprings Galleria. J. Crew opened back in 2012 in Franklin carrying women’s and men’s clothing and eventually adding the children’s line Crewcuts.
At the end of August, J Crew released second quarter highlights. Total revenues decreased 2% to $560.9 million. Comparable company sales decreased 5% following a decrease of 8% in the second quarter last year. Net loss for the company was $20.7 million compared to $8.6 million in the second quarter last year.
Jim Brett, Chief Executive Officer, remarked, “Since joining J.Crew in July, I’ve come to a better understanding of how these iconic American brands can be made to play a more meaningful role in our lives. Overall, I am optimistic about the opportunities that lie ahead, particularly when reviewing the strong talent, capabilities, and commitment within the organization. The team delivered solid progress on our transformation plan during the second quarter, highlighted by expansion in gross margin and reduced expenses that drove an increase in Adjusted EBITDA. And I am confident about evolving our brand strategy to drive long-term profitable growth.”
Before the release of the second quarter earnings report, J. Crew had announced the layoff of 250 positions, most to be at the corporate headquarters and the closure of 20 stores.
However, the company is planning to open more of its sister brand stores Madewell in 2017. The Madewell brand has been outperforming J. Crew in recent months, Madewell sales increased 19% to $93.1 million. Madewell comparable sales increased 11% following an increase of 3% in the second quarter last year.
J. Crew is one of the many retailers closing brick and mortar locations as more and more consumers shop online.
Related Reading:Â 19 Retailers on the Verge of Closing
The closest J.Crew store can be found at The Mall at Green Hills in Nashville, 2126 Abbott Martin Road.
