A giant retailer now offers a massive sale prior to closures affecting a total of 100 stores, multiple sources are confirming.
Clothing mall retailer Express is offering 50% off sales as it prepares for mass closures nationwide.
The clothing store has faced financial difficulties and filed for Chapter 11 bankruptcy in April.
Express has confirmed shoppers will lose 95 of the company’s 553 stores nationwide.
The branch on 429 Nichols Road in Kansas City, Missouri at the Country Club Plaza will join this list.
An employee at the store said the location’s final day will be July 28, according to The Kansas City Star.
The branch has commenced a huge sale on all items in store.
Shoppers will be able to enjoy discounts between 20 and 50% until the end of July.
The store’s fixtures, like mannequins and shelves, are also up for sale.
This closure has followed the news about another Kansas City Express that will also depart from the area, according to The Kansas City Star.
The store in Zona Rosa has also initiated a closing-down sale.
This location is expected to close sometime in mid-June.
Despite this, two branches have remained in the city.
The company’s stores in Oak Park Mall and Legends Outlets Kansas City will remain open.
Employees at these locations have reportedly confirmed these stores are not due to go or have closing down sales.
Express first opened in 1980 and grew to hundreds of stores across the nation.
The brand has been known for its work-appropriate and formal clothing.
Express has seemed to struggle with the post-coronavirus shift move towards working from home.
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Other Economy News Today
Applications for unemployment benefits now surge to new highs, a sign that the white-hot labor market is starting to cool off.
First-time applications for unemployment benefits rose last week to 231,000, the highest level since August, per CNN.
Thursday’s data also showed that the number of continuing claims, or applications from people who have filed for unemployment for at least one week, was 1.78 million.
That’s an increase of 17,000 from the prior week, according to the Bureau of Labor Statistics.
The latest numbers come less than a week after the monthly jobs report showed the US economy added just 175,000 positions in April, less than economists expected and a steep drop-off from prior months.
US employers have now added an average of 245,500 jobs per month, versus 2023’s 251,000-per-month average.
Still, hiring remains strong. Although the unemployment rate ticked up to 3.9% last month, it’s the 27th consecutive month that the jobless rate has held under 4%, matching a streak last seen in the late 1960s.
Weekly jobless claims data tends to be volatile but, while one week’s worth of data “does not a trend make,” said Chris Rupkey, chief economist at Fwdbonds.
“We can no longer be sure that calm seas lie ahead for the US economy if today’s weekly jobless claims are any indication.”
“Company layoffs are picking up, hinting at caution on the part of companies as they weigh the outlook for the second half of the year,” he wrote in a note Thursday.
The Federal Reserve has been battling inflation by raising its key lending rate in the hopes of slowing the economy.
While the labor market has so far resisted those efforts, remaining white hot for the past 18 months despite 11 rate hikes from the central bank, Fed Chair Jerome Powell said last week that demand has “cooled from its extremely high level of a couple of years ago.”
Ian Shepherdson at Pantheon Economics said in a note Thursday: “We’d need to see at least a month of elevated readings to convince us that the trend really has turned.”
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