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J.Crew's Layoffs Saved the Brand $17 Million

Photo: Getty Images

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J.Crew filed a report with the Securities and Exchange Commission today officially recording the brand's major job cuts and organizational changes like the promotion of Madewell's Somsack Sikhounmuong to J.Crew's head women's designer.

In the filing, the brand stated that it expects pre-taxed savings of $17 million as a result of the massive swath of layoffs yesterday, in which 175 jobs were eliminated. The brand reports that the severance packages its been handing out with the layoffs are estimated to cost the company $4.5 million.