News About J.Crew's Return Policy

J.Crew's existing return policy is the following (found here):

Quality is our highest priority. Always has been, always will be.

our guarantee
We guarantee our merchandise to be free of manufacturing defects and will accept any defective item for refund or exchange.

All in-store returns/exchanges in accordance with this policy require a government-issued ID and an original receipt to receive cash/check refund. Returns without an original receipt also always require a government-issued ID.

within 60 days of original purchase:
J.Crew gladly accepts returns of unworn, unwashed, undamaged or defective merchandise for full refund. Refunds must be accompanied by the original receipt and will be made in the form of the original payment. If the original receipt is unavailable, we'll make an exchange or issue a merchandise credit based on the current selling price.

after 60 days of original purchase:
J.Crew will gladly make an exchange or issue a merchandise credit for the price at the time of sale (with original receipt) or for the current selling price (without original receipt).

A big "thanks!" to Slastena (who runs the amazing "About All and Nothing at All" blog) who shared the following news about J.Crew's return policy:

...I have learned today from the PS and the store manager ...that in a week the new return policy will be in effect. The new policy will be return in 30 days only, no returns without receipts, no returns after 30 days -period. Store credit I asked? They said, most likely not even that. ...[They] replied that a boutique practice that J crew tries to emulate has a very strict return policy, some only allow 14 days for a return and 30 days for an exchange. They fell that a low-end mass retailer provides indefinite return policy. Then they [mentioned] about some crazy lady trying to return [something] after 4 years ...about stolen merchandise that [people] return to the store without receipt.

This is disappointing news as well. :( First, the student/educator discount and now this. Although I can understand J.Crew's position, I always hate seeing benefits, perks, and policies keep getting reduced.

What are your thoughts on this latest change? Did you know about this change? Will this have an impact on your future orders?