J. Crew's Job Cuts
The LA Times reports that J. Crew hoping to reduce its annual budget by $40 million. The cuts are inline with what has been seen at a variety of other retailers including the major department stores like Macy's, Saks and Neiman Marcus which are all wrestling with a decrease in consumer spending. Companies don't know when the economy will improve and shoppers will be back out in the streets so much of this is a preemptive measure to make sure that they are running as lean as is possible.