Following the departure of Jenna Lyons from J.Crew, today there were even more changes at the brand. WWD reports that 250 members of their staff were let go today — 150 full time along with 100 open positions are no longer. These cuts will lead to a savings of about $30 million annually, though they will still have to pay around $10 million in severance and other related termination costs.
At the top level, there were shifts too, the most notable being that Lisa Greenwald will serve as chief merchandising officer at J.Crew. She was formerly the senior merchandising officer for Madewell. Given the financial success at the latter, it seems like J.Crew is hoping the combination of Somsack Sikhounmuong as design director and Greenwald in merchandising will be the secret recipe the ailing brand needs to boost profits.
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