Mickey Drexler's departure as CEO of J.Crew marks an end of "the days of billion-dollar brands" in the U.S., CNBC's Jim Cramer said Tuesday.
Cramer spoke a day after J.Crew said the 72-year-old retail veteran would step down from his post as chief executive after the
"I think the concept of having the right merchandise at the right time has kind of abandoned us," Cramer said on "Squawk on the Street."
Cramer said while other
Last month, Drexler told The Wall Street Journal that he missed the signs of how quickly technology would change retail, saying, "We became a little too elitist in our attitude."
"I just think this is a horrible business," Cramer said. "And it was not a horrible business. And I don't know who can solve this conundrum. This is where the weakness is at the mall — it's apparel."
Drexler's departure came a few months after the company's longtime design chief, Jenna Lyons, announced plans to leave. Drexler will remain chairman of the company's