A clothing retailer now announces a painful closure in New Jersey after filing for a Chapter 11 bankruptcy, leading to mass shutters.
Popular fashion and mall retailer Express said it plans to close 100 stores nationwide following its bankruptcy filing.
Now, one New Jersey location is offering liquidation sales as it enters its final weeks, reports The US Sun.
The Garden State Plaza mall in Paramus, New Jersey will close by the end of June, an employee confirmed to the outlet.
Currently most items are 60% off, though clearance items are 80% off.
Another Express in the same city is also shutting down at the Paramus Park Mall.
However, it’s not currently clear when that location is closing.
The filing isn’t just impacting Express locations.
The bankruptcy has also led to the closure of all the company’s UpWest Express locations.
Express also owns Bonobos.
While initially it seemed no Bonobos locations would shut, the chain has since started closing some, according to Charlotte Business Journal.
In April, the company said it “expects to conduct business as usual” at remaining locations.
Before the mass closures, the company had over 500 stores.
A list of closing locations was published by USA Today in April, but the Garden State Plaza location was not on the list at the time.
The closures are coming despite a massive influx of cash from the federal government, reports The-Sun.
Just a week before the bankruptcy announcement, Express said it received $49 million from the IRS.
The Trump-era CARES act, which provided economic stimulus during the Covid-19 pandemic, paid them the millions.
However, it was not enough to keep Express out of Chapter 11.
Now, the company says it will reorganize itself in an attempt to remain afloat.
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Also Read: An Unexpected Retailer Is Now Closing All Stores in Illinois
Other Economy News Today
An unexpected restaurant now abruptly closes 7 locations in one state after revealing plans to shutter a total of 36.
TGI Fridays is closing a total of seven restaurants in one state as part of the company’s ongoing growth strategy.
This comes after the chain abruptly closed 36 locations across 12 states in at the beginning of the year, per The-Sun.
The restaurant chain will pull the plug on seven locations across the state of New Jersey in the coming weeks.
Today, Fridays will welcome in famished diners at its location in Brick for the final time.
“As we continue along our path of transformation to revitalize the Fridays brand and implement a long-term growth strategy, we see a bright future for TGI Fridays,” said Weldon Spangler, CEO of TGI Fridays earlier this week.
“We are at the helm of a pivotal moment that will allow us to explore boundless advancement, expansion, and innovation to keep delivering ‘That Fridays Feeling’ that our fans know and love.”
Before the closures, TGI Fridays had about 270 US locations, according to the company’s website.
“As part of the store closures, TGI Fridays is offering more than 1,000 transfer opportunities, which represents over 80% of total impacted employees,” the company previously said in a statement.
“Our top priority has always been delivering a superior experience for each and every TGI Fridays guest, and we’ve identified opportunities to optimize and streamline our operations to ensure we are best positioned to meet – and exceed – on that brand promise,” said Ray Risley, US president and chief operating officer, in the release.
Eight other locations were sold to former CEO Ray Blanchette, a longtime stakeholder who will acquire the previously corporate-owned restaurants.
The sale comes as major changes have been made to the brand’s leadership, including the news of Weldon Spangler being made CEO.
“As we continue along our path of transformation to revitalize the Fridays brand and implement a long-term growth strategy, we see a bright future for TGI Fridays,” said Spangler in a statement.
Also Read: Retirees Will Now Receive More Money For Social Security
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