Express Inc. has declared bankruptcy under Chapter 11, as the clothing company plans to sell most of its stores. Customers can find up to 80% discounts at Express while it gets ready to close about 100 stores.
A shopper shared details about the closing sales at one of the stores as Express begins to shut down operations across the country.
Express Begins Massive Discount Sale
Express Inc. started cutting prices on Tuesday, April 23, in preparation to shut down 95 stores. This move came as part of a larger strategy to manage financial issues, which include nearly $1.2 billion in debts against $1.3 billion in assets, as stated in their Chapter 11 bankruptcy filing in the U.S. Bankruptcy Court for the District of Delaware, reported by TV news outlet WPIX.
The company explained that the decision was influenced by several tough years in a challenging commercial environment. General economic struggles and specific pressures in the retail market aggravated this situation.
They noted that many leading companies are grappling with high interest rates and a drop in consumer spending.
In a recent April development, Express appointed Mark Still as the new CFO, interim CFO since November 2023. Established in 1980, the Ohio-based company owns brands like Bonobos and UpWest. Express mainly caters to young adults, offering trendy yet affordable apparel.
Following the bankruptcy announcement, a user on the social media platform X reflected on the store's past offerings, criticizing them as unappealing and noting a shift in the company's branding strategy, which included advising employees to stay updated with fashion trends through magazines.
Meanwhile, according to Retail Drive, Neil Saunders of GlobalData critiqued Express last year, noting the brand's offerings as bland and overpriced. Despite struggling to attract customers and closing 91 stores in 2020, Express still operates around 530 locations.
Yet, the brand's fading appeal hasn't deterred shoppers from flocking to its closing sales. One shopper humorously shared on social media, "All I wanted was Gap jeans, but Express's store closing sale got me instead."
Also Read:Walgreens Announces Immediate Closure of Another Store, Part of 150 Location Nationwide Cutbacks
Express Offers up to 80% Off on Everything
Shoppers eagerly participate in the ongoing sales at Express, sharing videos of their shopping experiences on social media platforms like Twitter and TikTok, per The U.S. Sun.
At the Express store on 5th Avenue, a wide range of items, including professional attire and street-style hoodies, are up for grabs at reduced prices. The sale extends to accessories like crossbody bags and various types of footwear.
However, customers are informed that the store cannot process returns or exchanges. Those needing to return items must visit other Express locations such as Astoria, Queens Center Mall, Bay Plaza, or Newport Mall.
An "Everything Must Go" sign is prominently displayed inside the store, signaling major markdowns on merchandise. Across New York City, Express stores offer up to 80%discounts on all items.
One social media user humorously described the Express closing sale in Times Square as the "hottest new club in NYC," listing features like $8 pants, store fixtures, 80% off on shoes, and even a non-functional escalator, capturing the chaotic yet attractive nature of the sale.
This pattern of closures extends beyond Express, with other retailers like Vera Bradley and JCPenney also shutting down, signaling a broader shift in the retail sector.
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