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J. Crew Group Inc. President James Brett resigns after entering into an agreement with the clothing chain's board of directors, the company said.
His term as Director General was brief. He replaced Mickey Drexler last summer in the midst of a decline in sales and payment of hefty debts. The reason for her departure was not revealed, but the company spoke of her "passion and experience" that helped the troubled retailer reach more customers.
Brett's responsibilities will be assigned to four senior executives: Michael Nicholson, Adam Brotman, Lynda Markoe and Libby Wadle. The company is working on the establishment of a "permanent management structure".
Brett joined J. Crew of West Elm, a domestic furniture chain of Williams-Sonoma Inc. At the time, the company was struggling with a debt burden resulting from a debt buyback completed in 2011 by TPG and Leonard Green & Partners LP.
He recently oversaw efforts to revive his well-known brand name "Preppy" to focus on diversity by offering more size options and entry-level pricing. The company has been successful with Madewell, a brand designed to appeal to millennials by adopting more of the tomboy's style.
Under Brett, the retailer posted positive comparable sales for two consecutive quarters after years of decline, thanks in part to Madewell. She has also partnered with Amazon to offer clothes on the Amazon Fashion platform and has expanded her field of action by selling her products via Nordstrom.
"All I know is that when I started a little over a year ago, I think our debt was trading" at around 70 cents a dollar, Brett said during an interview with Bloomberg in September. "And now, I think it's trading at almost a dollar a dollar. So, I think the people who hold our debt are very happy. "
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