100 mall retail stores now announce painful closures, further fueling the extinction of brick-and-mortal businesses.
Clothing company Express has announced which states will have closures as the store files for bankruptcy.
The bankruptcy filing was officially announced on Monday.
Express has confirmed that 95 of its 553 stores will shut down as well as all 10 UpWest locations, according to the bankruptcy documents.
Customers can expect store closures in the following states:
- California – 16
- New York – 11
- New Jersey – 7
- Texas, Florida – 5
- Connecticut, Georgia, Illinois – 4
- Colorado, Iowa, Maryland, Massachusetts – 3
- Indiana, Michigan, North Carolina, Ohio, Pennsylvania, Virginia, Washington, Wisconsin – 2
- Arizona, District of Columbia, Hawaii, Louisiana, Minnesota, Missouri, Nebraska, New Hampshire, Nevada, Rhode Island, Tennesee – 1
Stores affected by the mass closures have started sales while opening hours stay the same, reports The-Sun.
Customers can get 40% off everything across men’s and women’s apparel if they shop online.
Closing UpWest locations can be found in Illinois, New York, Minnesota, California, Massachusetts, Virginia, Colorado, Washington, and the District of Columbia.
The company also owns Bonobos, another clothing store, but has not announced any plans to close locations.
Though closures are impending, the company plans to “conduct business as usual,” according to Monday’s press release.
“We continue to make meaningful progress refining our product assortments, driving demand, connecting with customers and strengthening our operations,” said Stewart Glendinning, Chief Executive Officer, according to the press release.
“We are taking an important step that will strengthen our financial position and enable Express to continue advancing our business initiatives.
WHP Global has been a strong partner to the Company since 2023, and the proposed transaction will provide us additional financial resources, better position the business for profitable growth and maximize value for our stakeholders.”
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Also Read: A Massive Grocery Chain With 400 Stores Is Now Closing
Other Economy News Today
A massive shoe retailer now announces a new wave of layoffs to hit headquarters this summer, affecting over 700 employees.
Nike has announced its ‘second phase’ of mass layoffs, effective June 28, according to a Worker Adjustment and Retraining Notification (WARN) filing.
A total of 740 employees will be impacted in the retailer’s home state.
The layoffs are part of the 2% workforce reduction Nike announced in February, which is taking place across two phases, the company confirmed via email.
Nike said job titles and the number of employees in each category would be provided at a later date, once the company has determined them.
Bumping rights are not available for the impacted employees, reports Retail Dive.
“Nike’s always at our best when we’re on the offense. The actions that we’re taking put us in the position to right-size our organization to get after our biggest growth opportunities as interest in sport, health and wellness have never been stronger,” Nike said in a statement.
“While these changes will impact approximately 2% of our total workforce, we are grateful for the contributions made by all Nike teammates.”
The layoffs are tied to a cost-savings plan Nike unveiled in December, which is aimed at generating up to $2 billion in cumulative savings over three years.
Based on the company’s last annual report, the layoffs to 2% of its total workforce will impact more than 1,600 people.
Savings from the plan are set to be reinvested in driving growth, innovation and profitability.
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Also Read: A Massive Grocery Brand Now Files For Chapter 11 Bankruptcy
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