J.Crew To Cut 150 Jobs To Offset Losses

NEW YORK (AP) -- J.Crew, the preppy clothing retailer, said Tuesday that it will cut about 150 jobs to trim costs.

Like other retailers, J.Crew has suffered as more people shop online. The company has lost money for the past three years.

Most of the job cuts will be at its New York corporate headquarters where about 1,000 people work. It will also not fill about 100 corporate positions that were open. The changes will save it about $30 million a year, and the company says it will post a charge of about $10 million in the first quarter due to severance payments and other termination costs.

The company has more than 570 J.Crew, Madewell and outlet stores.

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