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 specialty retailer’s same-store sales have been down for several quarters and it has struggled to adapt to consumers’ changing shopping patterns.

“I think the concept of having the right merchandise at the right time has kind of abandoned us,” Cramer said on “