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.