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Fashion company is now short of crew

J.Crew Group, known for its preppy men’s and women’s clothing, has announced its Chief Executive Officer James Brett is leaving the company.The decision, which sees the retailer without a CEO ahead of the key holiday shopping season, was described in a statement as a mutual agreement between Brett and the New York-based company’s board of directors.Brett, a long-time retail veteran who was named to the job in June 2017, said he and the board were “unable to bridge our beliefs on how to continue to evolve all aspects of the company.”He had replaced retail legend Mickey Drexler, who remains chairman of the J.Crew board.In the company’s second quarter, it said same-store sales rose 5 percent following a decrease of 5 percent in the same quarter last year. Net losses in the quarter totaled US$6.1 million, down from US$18.5 million a year earlier.The executive’s responsibilities will be assumed by an office of the CEO, comprised of four senior J.Crew executives including president and chief operating officer Michael Nicholson. The board will work to establish a permanent management structure.
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