Business Insider/Mary Hanbury
Women's workwear at J. Crew's Fifth Avenue store, New York.
J.Crew is in trouble.The company announced Monday that its longtime CEO Mickey Drexler is being replaced. Jenna Lyons, J. Crew's creative director of 26 years, is also out.
Same-store sales have been down at J. Crew for the past three years; dropping by 8% in 2016, following a 10% decrease the year before, and the company has more than $2 billion in debt and less than $150 million in cash.
We went to check out a store in April to see what it's like to shop there and find out why the brand is struggling: