No Sympathy for Mickey Drexler & J.Crew

We clowned on JCrew's Mickey Drexler last week and this week he's unemployed. That's what happens when you fall victim to the innovator's dilemma. J.Crew is another classic example of a post-recession private equity buyout and dividend recap boom that saddled a once-high-flying retailer with a f*ck ton of debt. Now it's in deep distress and there are questions about Drexler's legacy. Seriously? Here's a guy who had previously been fired from another retailer only to be thrown a lifeline; he then made a bold investment in cahoots with some private equity bros, got lucky, and then tried to double down and take another bite at the apple with some more private equity bros (so creative, they are). Only that second bite was rotten and now the guy is unemployed and the company is quickly diving into the sh*tter. But legacy? The dude got a massive payout in the first buyout and so he, least of all, should be the last to really give a crap about legacy. You know what's a great legacy? Tens of millions of dollars, that's what.