An unexpected mall retailer now begins a closing sale after announcing it would shutter nearly 100 of its clothing stores nationwide.
Express customers are preparing to say goodbye as the bankrupt chain getting ready to shut down nearly 100 stores.
The move followed its Chapter 11 bankruptcy filing.
It will also close all locations of UpWest Express, another brand it owns.
Clothing sales at the impacted stores began on April 23 with discounts reaching up to 70% off items.
Express “expects to conduct business as usual” at all of its remaining stores, it said in a press release.
There are currently about 530 Express locations.
Bonobos, which is also owned by Express, is not losing any stores, the company confirmed.
Customers nationwide have expressed their opinions on the closure.
Northlake Mall in Charlotte, North Carolina is one of the popular spots losing its Express.
Discounts at that location are currently between 30% and 50% off, the U.S. Sun confirmed.
Several commented on a Facebook post about a closure made by ABC’s local affiliate WSOC.
“The clothing business changes rapidly, and if a retailer doesn’t keep up, they go out of business,” one commenter said.
“Guess the edgy mid-life crisis crowd wised up on their overpriced clothes,” another added.
Some locals were unbothered.
“So what?! I’ve never shopped there,” one comment said.
“It’s just a domino effect,” another said.
Express is not the only company facing a major selloff.
Rite Aid recently made waves with its bankruptcy filing in October.
With over 300 of its locations now closed, the company is finally close to exiting bankruptcy.
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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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