J.Crew to Close 50 Stores This Year

There's some bad news for fans of J.Crew.

According to Teen Vogue, the popular brand is reportedly planning to close 50 of its physical locations by the end of the year.

In a conference call on Nov. 21, brand executives announced that they would be closing more stores than expected — thirty more than the previously announced twenty.

J.Crew President, COO and CFO Mike Nicholson said that the company will instead be placing a heavy focus on its online presence.

"In order to drive top-line growth, we must evolve our business model from a traditional brick-and-mortar specialty retailer to a digital-first omnichannel business," Nicholson said. "We are committed to driving outsize growth with strong e-commerce capabilities complemented with a more appropriately sized real estate footprint."

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Although the move is undoubtedly a bummer for some, it's hardly surprising, considering the rise of e-commerce and the consistent decline of traditional retail stores. In fact, several major retailers have declared bankruptcy this year.

It appears, however, that overall, J.Crew's sales are down. The company's total revenue decreased a whopping 5 percent in the third quarter of this fiscal year alone.