Sales at J. Crew have fallen for two years. The company is two billion dollars in debt, putting it in danger of bankruptcy. A few months ago, J. Crew shuttered its bridal business; earlier this month, Jenna Lyons, its president and creative director, announced that she would be stepping down; and, last week, J. Crew laid off a hundred and fifty employees and eliminated a hundred open positions. (Frank Muytjens, its head of menswear, is also leaving.) In an attempt to boost revenue, the company has started selling its clothes through Nordstrom. In 2010, when Nick Paumgarten profiled Mickey Drexler, J. Crew's C.E.O., for this magazine, none of this was imaginable. What happened?