Crew announced late Tuesday that it plans to close 39 stores by the end of January -- about 6% of its total and double the number it previously planned to close. The company, which also owns the Madewell brand of stores, reported that sales at stores open at least a year fell 12% in the most recent quarter. The losses are accelerating: In the same quarter a year ago, sales were down 9%. Crew, which is owned by hedge funds, lost $161 million in the first nine months of the year, and its loss for the most recent quarter more than doubled. But, for the first time in the history of the survey, online shopping is more popular than traditional stores this year.

Source: CNN November 22, 2017 13:41 UTC