(Photo : Unsplash/KorieCull)
Express, a well-known clothing store, is closing more locations after declaring bankruptcy last month.
Due to these unexpected closures, shoppers in various regions will have to find new places to buy clothes and accessories.
Express to Close 95 Stores Amid Bankruptcy
In April, Express announced a significant decision to seek bankruptcy protection under Chapter 11 and revealed plans to close at least 95 locations. This move affects a substantial portion of its operations, as the company currently operates 530 stores across the United States.
To manage this transition, Express and its related companies have voluntarily submitted Chapter 11 filings in the U.S. Bankruptcy Court for the District of Delaware. In support of its restructuring, Express has secured a preliminary agreement for $35 million in new funding from some of its current lenders, pending court approval.
Moreover, on April 15, 2024, Express received a $49 million cash infusion from the Internal Revenue Service as part of the CARES Act.
Despite these changes, Express continues to operate its stores and online platforms under the EXPRESS, Bonobos, and UpWest brands. The company remains committed to maintaining normal business operations while it adjusts its lease commitments and improves its overall business structure.
The Chief Executive Officer, Stewart Glendinning, commented on the developments: "We are actively enhancing our product lines, stimulating demand, engaging with our customers, and fortifying our business operations.
This strategic move is designed to bolster our financial health and ensure that Express can pursue our business goals more effectively. WHP has been a supportive partner since 2023, and this upcoming deal will provide us with the necessary resources to foster profitable growth and optimize value for all our stakeholders."
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Express Announces Store Closures Across NYC
(Photo : Unsplash/ AlexanderKovacs)
The famous clothing retailer Express has not initially specified which stores would close permanently. However, recent updates have shed light on 11 critical closures affecting New York City shoppers, as reported by CW affiliate WPIX.
The exact closing dates for these stores are still to be announced. However, we urge customers to quickly take advantage of ongoing liquidation sales, where discounts reach up to 70% on selected items.
In New York City, the first six stores set to close are located at notable addresses, including 1552 North Broadway in Times Square, 129 5th Avenue in the Flatiron District, 514 Broadway in SoHo, the corner of 26th Avenue and Bell Boulevard in Bayside, 490 Fulton Street in Brooklyn, and 5036 King's Plaza in the Kings Plaza area of Brooklyn.
According to the U.S. Sun, three closures will occur on Long Island at 2034 Green Acres Mall in Valley Stream, 3513 Long Beach Road in Oceanside, and 1701 Sunrise Highway in Bay Shore. The remaining two are in the Northern Suburbs at 5130 Xavier Drive in Yonkers and 1 Sangertown Square in New Hartford.
Moreover, seven more Express locations in New Jersey are set to close. These include stores at 250 Woodbridge Center Drive in Woodbridge, 110 Garden State Plaza in Paramus, 400 New Jersey 38 in Moorestown, 4403 Black Horse Pike in Mays Landing, 112 Eisenhower Parkway in Livingston, 3710 Route 9 in Freehold, and 1750 Deptford Center Road in Deptford Township.
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