It’s been a rough year for retailer J. Crew. The brand has suffered plummeting sales in large part because of its slow and steady move away from affordability and recently laid off 175 employees, including head designer Tom Mora. In an attempt to stop the proverbial bleeding, J. Crew announced that it will launch a new brand that will sell at considerably lower prices.

Bloomberg reports that the first store, J. Crew Mercantile, will open in Dallas in late July. J. Crew has been selling the Mercantile line out of its Factory locations and website for some time now. So now you’ll be able to score “cardigan sweaters with WASP names” and other J. Crew basics for prices that don’t make you break into uncontrollable laughter.

Racked reports that J.Crew’s decision isn’t exactly surprising. The company’s CEO Mickey Drexler helmed Gap in the ‘90s when the brand launched Old Navy:

Now, that budget chain Old Navy is the one bright spot in Gap’s struggling brand portfolio. Drexler is probably banking on J.Crew Mercantile working the same magic for J.Crew, since the company is in need of some new direction.

Image via Getty.