J. Crew has been around since the 1980s and was one of the biggest clothing retailers for years until recently. In 2020, the company announced that it would be closing down six stores which it ended up doing. The following year, J. Crew closed down 30 more stores and planned to close down more this year.
The company is looking to save as much money as it can to survive, but it is unsure it can last in this economy. This is the sad truth for most retail companies around the world as several haven’t been able to make enough money to get by.