J.Crew Discontinues the Budget Brand It Just Featured in a Storefront on Amazon
J.Crew said in an internal memo that it would discontinue its Mercantile budget clothing line, according to the Wall Street Journal. The timing is raising some eyebrows, given that J.Crew just announced it was opening a dedicated storefront for the brand on Amazon. But the Amazon deal was made under former CEO James Brett, who left J.Crew in November.
In the memo,the company told employees its priorities are to “return the J.Crew brand to profitable growth” and “more diligently manage our balance of investments and expenses,” the Journal reported. The company will focus on growing its lower-cost “factory” business online and in stores.
Read more at CNBC.