A massive mall retailer is now offering an 80% closing sale after warning fans it is closing 100 stores amidst its bankruptcy restructuring.
Shoppers can get up to 80% off at Express as it prepares to shut down nearly 100 of its stores.
Shoppers are going crazy for the sales, posting try-on videos of their Express hauls on Twitter and TikTok, reports The-Sun.
At one store on 5th Avenue, everything from professional workwear to street-style hoodies was marked on sale.
The Express also tagged accessories like crossbody bags as well as various footwear.
The store warned customers that it couldn’t offer any returns or exchanges and that they’d have to visit Express’ Astoria, Queens Center Mall, Bay Plaza, or Newport Mall location for any potential returns.
Inside the store, an “Everything Must Go” sign was plastered above racks of marked-off clothing.
Express stores in New York City are now offering up to 80% off all merchandise.
“The hottest new club in NYC is the Express closing down sale in Times Square,” one social media user joked.
“$8 pants! Store fixtures! 80% off shoes! An escalator that doesn’t work! It has everything.”
Express started slashing prices on Tuesday, April 23, when it was announced that the brand would close 95 stores.
Express reported nearly $1.2 billion in total debts and $1.3 billion in total assets in its Chapter 11 petition, which was filed in the U.S. Bankruptcy Court for the District of Delaware, according to TV news outlet WPIX.
“Over the past several years, the Debtors have faced a challenging commercial environment brought on by both broader economic and retail-specific market pressures,” the statement read.
“Major players across industries are experiencing the challenges associated with elevated interest rates and decreased consumer expenditure.”
In April 2024, the company named Mark Still as its new CFO effective immediately.
The executive has served as interim CFO since November 2023.
The Ohio-based retailer, founded in 1980, is the parent company of Bonobos and UpWest.
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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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