WBNS 10TV
Express is facing financial troubles and has announced plans to close nearly 100 stores nationwide. The company, based in Columbus, Ohio, will shut down about 95 Express stores and all of its UpWest stores, as well as five stores in Florida. Unfortunately, this will result in a significant number of job losses. Express intends to pay affected employees promptly and provide customary bonuses to those working during the store closures.
To address its financial challenges, Express has filed for Chapter 11 bankruptcy protection. The company has seen a decline in sales in recent years due to debt and expensive mall leases. Despite these difficulties, Express has received commitments of $35 million in new financing from existing lenders and $49 million from the IRS under the CARES Act.
Express’s bankruptcy filing is aimed at facilitating the sale of its retail operations to an investor group, which includes WHP Global, Simon Property Group, and Brookfield Properties.
The company has struggled to capture the shopping habits of the younger workforce particularly Gen Z.
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