J. Crew's Drexler Doesn't Promise Holiday Cheer

NEW YORK CITY-The retail environment can be considered tough, to say the least, when the head of one the industry’s best-performing chains shares very little optimism. That was the case yesterday when Millard Drexler, the chairman and chief executive officer of J. Crew, spoke to a packed audience here at the International Council of Shopping Centers’ New York National Conference.

“Right now we’re all a little afraid,” he said. “If there’s anyone getting up in the morning and not saying ‘uh oh,’ then I’d like some of that medication.”

Apparel chain J. Crew has initiated a company-wide hiring freeze Drexler revealed, even during the holiday season, which he said falls on a terrible calendar year retail selling-wise. “If someone wants to hire someone, someone’s got to leave,” Drexler said.