8/30/2023 0 Comments Pricetracker j crew![]() Retail sales in the week ending April 25 were down by double digits from a year earlier, according to NPD Group data.īankruptcy experts have previously told MarketWatch they’re bracing for a wave of both commercial and consumer bankruptcy cases as unemployment skyrockets and cash flow dries up.Īt the same time, data suggests that some consumers might be ready to pounce on deals, just as some states are relaxing shutdown rules.ĭon’t miss: With car dealerships closed, discounts on new and used cars are popping up online J.Crew’s bankruptcy filing may be a high-profile example of what’s to come. But those sales as of April 25 were up 16% from one week earlier, the firm said. J.Crew has already been offering 40% to 70% discounts through its website, but Cohen said that had nothing to do with bankruptcy proceedings. J.Crew, like all other retailers, was suddenly stuck with loads of merchandise as stores temporarily closed and consumers stayed home under social distancing orders meant to slow the spread of COVID-19, he said. The real bankruptcy-driven bargains could come with off-season items, he said. J.Crew’s Spring collection will see the heaviest discounts, Cohen said, adding that - like many apparel stores - the retailer will need to prepare for the summer for back-to-school shopping. “Prior to the outbreak, J.Crew had 4,000 full-time employees and 9,000 part-time employees ” J.Crew has approximately 500 stores across the world and prior to the outbreak, it had 4,000 full-time employees and 9,000 part-time employees, according to court papers filed in the bankruptcy case. The company furloughed 11,000 workers on an as-need basis and, as of Monday, it employs 2,000 active full-time workers, the filing noted. Other major apparel retailers are facing stiff economic challenges - and that could mean deals across the board for shoppers willing to spend money right now. Wander represents vendors in China his clients have had orders on various consumer goods first cancelled and then shipped over. “If the retailer now has summer goods that they would have started selling 30 days ago, they will have a shorter window in which to liquidate that inventory,” Wander said.īut he believes J.Crew’s bargain-basement sales will be just the beginning.
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