Express closes more than 100 stores after a bankruptcy deposit
Upwest's lifestyle brand will also face important closures.
The retail landscape has undergone post-payic drastic changes. Interior shopping centers are approaching extinction, and clothing brands have swiveled business outfits dressed in relaxed bases due to remote work hours. While the switch took advantage ATHLEISUR BRANDS , Stores anchored in the wear and tear of the avant-garde dress like Express flow. The pillar of the shopping center is the last detail to reduce size in the middle of gravitational change in consumer demands.
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After taking stock, Express will close more than 100 stores from April 23, 2024, the company shared in a press release Monday. Express is widely known for its collection of costumes and work, although the whole store aims to present " A modification of the main trends “According to his website. The company is deeply rooted in the culture of the shopping center but has failed to follow its competitors, according to Neil Saunders , Managing Director of GlobalData.
"With the company that has trouble gaining ground with consumers, it has been obvious for some time that bankruptcy was the inevitable destination of Express," said Saunders in a note obtained by CNN .
"Express misfortunes are not all of its own manufacture. The formal and relaxed market intelligent for men and women has softened in recent years due to the rise in the work of the house and the relaxation fashion, "he said. "This firmly puts the expression on the wrong side of trends and, in our opinion, the chain has made too little effort to adapt."
In addition to the Express and Express Factory outlet, the company also operates the Upwest life style brand and the high -end Bonobos men's clothing store. The planned closures will affect the 10 Upwest stores and 95 EXPRESS BRICK AND MORTAR locations (specific locations have not yet been announced).
That said, Express and its marks are determined to be long term. Express, Bonobos and Upwest customers can always buy online via the brand's application. In addition, all brands "fulfill orders and processing yields, return policies of goods remain unchanged, and gift cards and store credits are currently being executed," said the company in the communicated.
Customers can also take advantage of the Insider Express program, and Bonobos is impatient to continue its services to "wholesale premium" customers.
"We continue to make significant progress by refining our product assortments, stimulating demand, connecting to customers and strengthening our operations," said the CEO of the Company Stewart Glendinning .
One way of expression of the plans to strengthen its operations is to join the investment company WhP Global on the potential sale of a large majority of its stores and operations. This is in addition to the $ 35 million in funding funds that the company has also received.
"We take an important measure which will strengthen our financial situation and allow Express to continue to advance our commercial initiatives. WHP is a solid partner for the company since 2023, and the proposed transaction will provide us with additional financial resources, better position the 'Company for profitable growth and maximize the value of our stakeholders, "said Glendinning.
