J. CREW NEGOTIATES $130 MILLION RENT CUT

J. Crew said on Sunday that it expects to save around $130 million in rent after renegotiating it store leases with landlords across the U.S.

After filing for bankruptcy in May, the company has been focused on what it calls a “real estate optimization strategy” and working with landlords to improve store lease terms.

On Sunday, the company said it expects to achieve cash savings of approximately $70 million, which includes the benefit of one-time waivers and deferrals, in 2020, and approximately $60 million in 2021, assuming sales are in line with projections.

As of August 9th, J. Crew has re-opened 458 stores, representing approximately 95 percent of its total store fleet, following the temporary closure of all locations due to public health restrictions related to COVID-19.

With the re-openings, the company said it has rehired the vast majority of its store associates from furlough.

As of August 10th, the company operates 178 J.Crew retail stores, 145 Madewell stores, jcrew.com, jcrewfactory.com, madewell.com, and 170 Factory stores.