J.Crew Closing 39 Stores

J.Crew (New York) plans to close 39 stores by the end of Jan. 2018.

The news coincided with its third-quarter earnings report for 2017 and the closures will take place during its fourth fiscal quarter, bringing its store count down to 535 after starting 2017 with 575 stores.

The fiscal report revealed that sales at J.Crew stores experienced a 12 percent drop. Comparable store sales were also down by 12 percent, reports InvestorPlace.

According to CNN Money, the company is committed to transforming into a “digital-first” business, and the store closures are reportedly part of that plan.