Express files for bankruptcy, plans to close nearly 100 stores

Express has revenge for bankruptcy and plans to adjacent astir 100 of its 500 unit locations, nan Columbus, Ohio-based clothing retailer said connected Monday.

A root of modestly priced outfits for much than 40 years, closing income statesman connected Tuesday astatine astir 95 of nan institution stores, including each of its UpWest locations, Express said successful a statement.

The institution operates immoderate 530 Express unit and Express Factory Outlet stores successful nan U.S. and a twelve UpWest stores, according to its website. 

Revenue astatine Express has cratered successful caller years, pinch nan company's latest results showing income down astir 10% from nan aforesaid play successful 2019, noted Neil Saunders, managing head of GlobalData.

The company's woes are not wholly of its ain making, according to Saunders. "The general and smart casual marketplace for some men and women has softened complete caller years because of a emergence from moving from location and nan casualization of fashion. This puts Express firmly connected nan incorrect broadside of trends and, successful our view, nan concatenation made excessively small effort to adapt," he stated.

Still, mediocre decisions worsened its problems, said Saunders, who cited nan manner retailer's prime of "someone from nan nutrient manufacture arsenic CEO" arsenic among them. Express in September appointed erstwhile Tyson Foods executive Stewart Glendinning to lead nan company. 

Express plans to usage nan Chapter 11 process to facilitate a waste of nan company's operations and astir of its stores to marque head WHP Global and promenade landlords Simon Property Group and Brookfield Properties. 

New York-based WHP Global's portfolio includes Toys "R" Us, Isaac Mizrahi and Rag & Bone. It owns 60% of nan Express marque via a associated task formed past year. 

Express is moving pinch A&G Realty Partners successful an ongoing reappraisal of its shop footprint, it said.

The company's bankruptcy follows nan aforesaid measurement earlier this period by 99 Cents Only Stores and hobby concatenation Joann successful March.