Report: J. Crew Contemplating Major Changes To Survive

J. Crew Chairman and CEO Mickey Drexler is huddling with consultants at McKinsey & Co. on a strategy to turn the struggling apparel retailer around, sources with knowledge of the situation told the New York Post. Private equity firms TPG Capital and Leonard Green & Partners own J. Crew along with Drexler, who ran Gap in the 1990s, and patience with his approach has worn thin, the report states. “I think there was a lot of deference to Drexler and that is now over,” a source told the Post. Changes on the table include restructuring J. Crew’s debt, speeding up its supply chain, emphasizing activewear over tailored clothing, closing stores and boosting e-commerce. Both TPG and J. Crew declined to comment. Read more at Retail Dive.