J. Crew CEO out, mass layoffs reported

In an apparently abrupt departure, J. Crew Group CEO Mark Sarvary left the company “by mutual agreement” on May 1. Sarvary couldn’t be reached for comment, and both J. Crew and its parent firm, Texas Pacific Group, wouldn’t comment. Sarvary has also relinquished his seat on the J. Crew board of directors.

But Sarvary’s departure was apparently one of many: The New York “Post” reported on May 1 that 100 employees from all areas of the J. Crew business–including design, merchandising, and product development–have all been laid off, representing about one-quarter of J. Crew’s New York-based headquarters staff. Texas Pacific Group also wouldn’t comment to the “Post,” which quoted an unnamed source, about the alleged layoffs.