J.Crew Renegotiates 2020, 2021 Leases

The retailer will realize $130 million in savings over two years
Posted August 11, 2020

J. Crew Group (New York) has renegotiated its store leases in the U.S. for a savings of approximately $130 million, reports Real Estate Weekly. The brand filed for bankruptcy in May and has been pursuing a “real estate optimization strategy” in an effort to bring costs down.

J. Crew says it will realize $70 million in savings in 2020 and another $60 million in savings in 2021 if sales remain in line with projections. As of this week, the retailer has reopened 95 percent of its stores, or 458 locations, and has rehired the majority of its furloughed store associates.