Express to close 100 stores
Express Inc. said Wednesday that it can cut its costs by $80M annually
NEW YORK -- Express, a staple in U.S. malls, will close about 100 stores as part of a restructuring plan as the chain grapples with drastic changes in where people spend their shopping dollars.
The retailer that caters to younger shoppers said earlier this month that it was laying off 10 percent of the staff at its Columbus, Ohio, headquarters and its New York City design studio.
Express Inc. said Wednesday that it can cut its costs by $80 million annually, partially through the store closures, nine of which took place in 2019. It plans to close another 31 stores this year, and 35 more by the end of next year.
Pentagon City Mall in Arlington, Va. (AP Photo/Susan Walsh, File)
GET FOX BUSINESS ON THE GO BY CLICKING HERE
It was not immediately clear how that would affect the employees at those stores. Staff in Columbus and New York were provided severance pay and ongoing benefits.
AMERICAN GREETING CARD STORES SHREDDED AMID RETAIL STRUGGLES
Express operates about 600 stores. Its sales and profit growth have slid over the past three years.
PIER 1 TO CLOSE UP TO 450 STORES AMID BANKRUPTCY FEARS
Clothing retailers, particularly those in malls, have been devastated by changing consumer behavior. More than 9,000 stores were shuttered last year.
Shares jumped 20 percent, to almost $5 in afternoon trading.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| EXPR | NO DATA AVAILABLE | - | - | - |