J.Crew Reworks Strategy to Combat Debt

New York-based apparel brand J.Crew is taking steps to revamp its business in the face of growing competition and $2 billion in debt.

In an attempt to win over consumers, it will introduce new lines of products within the intimates, swimwear and vintage clothing categories. It also plans to slash prices, reports the Chicago Daily Herald.

J.Crew’s sales have been falling for more than three years, which has been credited to its customers’ changing shopping habits. The retailer is in the process of closing 70 of its stores, leaving 250 remaining. Many of the brand’s executives departed last year, including its founder and former CEO Mickey Drexler.