A massive clothing retailer is now closing 100 stores after it officially announced it is filing for Chapter 11 bankruptcy.
The popular mall and clothing company Express has filed for bankruptcy and will close over 100 locations.
The bankruptcy will result in the sale of about 95 Express stores and all of its UpWest Express locations.
The company also owns Bonobos but has not announced any plans to close its locations.
Express “expects to conduct business as usual” at the remaining stores, it said in a press release.
The company did not specify which stores would shut.
There are currently around 530 Express locations.
While there has not yet been any official list of closing stores, one New Jersey location is already slated for closure.
The store, in Paramus Park Mall, recently posted signs for a liquidation sale.
Discounts there are currently up to 70% off.
It’s not fully clear whether this store is counted in the roughly 95 the chain plans to close.
However, local shoppers won’t have to travel far, however.
There is another Express located at the Garden State Plaza mall, also in Paramus.
The company is filing for bankruptcy despite a hefty influx of cash from the federal government.
Express said last week it received $49 million from the IRS through the CARES Act.
The act, passed by the Trump administration in 2020, pays out stimulus money to make up for losses associated with Covid-19.
Pending bankruptcy court approval, the company says it has found $35 million in new financing from some existing lenders.
Bankruptcy allows companies to more easily liquidate assets to pay off mounting debt.
An example of asset liquidation is the sale of a store.
Express is only one of several companies facing high-profile bankruptcies this year.
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Also Read: A Massive Grocery Chain With 400 Stores Is Now Closing
Other Economy News Today
This massive mall retailer now closes for good as theft drives its downtown area into a “doom loop”, say officials.
Macy’s has closed store doors for good alongside pharmacies and gas stations in Missouri.
St. Louis, Missouri used to have a busy downtown area, however, it’s become a dangerous place stricken with crime and empty office buildings, reports The US Sun.
A report from the Wall Street Journal on Tuesday described the “real estate nightmare” with stories of boarded-up shops and raids by police and firefighters to search for squatters and missing people.
These raids can be chaotic at times – in 2023, a search dog fell through an open window and died. Another time, a fire broke out by who authorities believed to be copper thieves.
The largest building in the city, a 44-story mammoth once owned by AT&T, is now empty after it was sold for about $3.5 million, a massive decline from 2006 when it sold for $205 million.
“Cities such as San Francisco and Chicago are trying to save their downtown office districts from spiraling into a doom loop. St. Louis is already trapped in one,” The Wall Street Journal reported.
The locals are perhaps the most fed up than anyone regarding the state of downtown with many finding the empty shops and restaurants depressing, resulting in fewer people commuting there.
The seemingly endless cycle ramped up in the years after the pandemic, which emptied out office buildings.
St. Louis’ central business district used to be home to steep foot traffic compared to other major US cities and while it has improved in the last year, it’s at a slower rate than many cities in the Midwest.
The city has also been losing residents since the Covid pandemic with the population dropping below 300,000 in 2020 – the first time this has happened since the mid-1800s.
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Also Read: A Massive Grocery Brand Now Files For Chapter 11 Bankruptcy
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