'What's going on?' Express shoppers ask after bankruptcy news arguing 'another domino drops' as store closures loom | 0822E2G | 2024-04-26 17:08:02
SHOPPERS have shared their shock at the news that Express is preparing to close 95 stores following its bankruptcy filing.
The fashion retailer filed for Chapter 11 bankruptcy protection on Monday after months of speculation.
Express customers have posted their reactions on social media as the future of their favorite store hangs in the balance.
"Another domino drops in the retail world," wrote one X user.
"What is going on? Express bankrupt," posted another
A third said, "So sad. They have the best jeans."
Express has confirmed that 95 of its 553 stores will shut down for good.
The company also owns UpWest, and will be closing all 10 remaining stores.
Stores affected by closures have begun sales today while opening hours remain the same.
Online, customers can score 40% off everything across both men's and women's apparel.
</div> WHAT WENT WRONG?
Express first opened in 1980, offering customers stylish everyday pieces at affordable prices.
However, it failed to compete with other retailers as consumers turned away from corporate office wear due to the work-from-home phenomenon.
<!-- Start of Brightcove Player --> </div> <!-- End of Brightcove Player --> Neil Saunders, managing director of GlobalData, told Retail Dive last year, "Very little about the Express proposition stands out.
"The assortment is bland, styles are mediocre, and prices are somewhat too expensive for the type of products being offered."
In fact, the fast fashion chain has struggled to maintain a footing since closing 91 stores in 2020.
Meanwhile, costly mall leases have dragged its business down.
Earlier this year, Express received a $49 million check thanks to the CARES Act – the Coronavirus Aid, Relief and Economic Security Act.
But the taxpayer cash injection was not enough to keep the business afloat.
An investor group led by brand management firm WHP Global is looking to acquire most of its assets, meaning the Express brand would live on.
Express has 14,000 employees, according to Zippia.
Meanwhile, see which rival chain is opening 10 brand new stores this year, including one at The Grove in Los Angeles.
And which discount fashion retailer that's massively popular in the UK is expanding its presence in the US.
More >> https://ift.tt/MjxUNIw Source: MAG NEWS
