A massive clothing mall retailer now closes in New York after unexpectedly filing for Chapter 11 bankruptcy protection.
Express, Inc., the parent company behind the Express, UpWest, and Bonobos brands, has filed for bankruptcy protection.
As a result, the struggling clothing mall retailer plans to close down a total of 95 of its namesake retail stores, including full-price and factory outlet locations, with 11 of those closures set to take place in New York.
The company, which operates approximately 540 stores nationwide, announced that closing sales at the affected locations, including the 11 in New York, commenced on April 23rd.
All 10 UpWest store locations will be shuttered as part of the bankruptcy proceedings, bringing the total number of closures to over 100 stores.
Express stated that it will continue evaluating its store footprint and is collaborating with A&G Realty Partners to determine which additional locations may be closed.
The retailer aims to “right-size its lease portfolio and operations” while maintaining normal business operations across its brands’ remaining stores and online channels.
The bankruptcy filing comes as Express has struggled to gain traction with consumers; Neil Saunders, managing director of GlobalData, noted, “It has been obvious for quite some time that bankruptcy was the inevitable destination for Express.”
In an effort to revive its fortunes, Express has secured a deal with brand management firm WHP Global, Simon Property Group Inc. and Brookfield Properties to sell its operations and most store locations.
Express CEO Stewart Glendinning expressed optimism about the proposed transaction, stating it “will will strengthen our financial position and enable Express to continue advancing our business initiatives.”
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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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