Facing $2 million debt and laying off staff, is J. Crew over?

J. Crew, the brand known for dressing the preppy young professionals of America, is $2 million in debt. Jenna Lyons, the company’s well known creative director, has stepped down after 26 years. Last week, the company laid off 150 employees at its New York headquarters. Meanwhile, the brand has launched a new collection to compete with Zara and H&M, but it’s not exactly taking off.