J. Crew announces job cuts as part of cost reduction plan

NEW YORK J. Crew Group announced that it has initiated a cost reduction program that is expected to generate approximately $40 million in annualized pre-tax savings. This program is being implemented in response to the challenging economic environment.

The cost reduction program includes the elimination of approximately 95 positions (including positions that are currently unfilled) primarily in the New York offices and support functions in the field and distribution centers. This represented an approximate 10% reduction in staffing for the departments included. The affected associates have been offered severance and related transition assistance.