The retail landscape has been particularly unforgiving, with even well-established brand names experiencing substantial upheaval. This year alone, Joann and 99 Cents Only stores have sought bankruptcy protection. Now, we can add Express, the nationwide clothing retailer, to that growing list, as it has officially filed for bankruptcy.
As part of the filing, Express has announced its plans to close 18% of its stores, including seven locations in New Jersey. The specific New Jersey locations slated for closure are:
• Deptford Mall
• Freehold Raceway Mall
• Livingston Mall
• Mall At Hamilton
• Moorestown Mall
• Paramus: Garden State Plaza
• Woodbridge Center
According to a statement released by Express Chief Executive Stewart Glendinning, the company has pursued various liquidity-enhancing measures in recent years, but these efforts have fallen short in the face of the pandemic’s impact and the broader headwinds facing the retail industry. The company also faces pressure from vendors and lenders.
Express has indicated that the stores earmarked for closure will begin liquidation sales this week. With approximately 9,300 employees, Express also has $97.6 million in outstanding gift cards and customer merchandise credits. The company is seeking court approval to honor these obligations, but this outcome is not guaranteed.
Despite the company’s financial challenges, Glendinning expressed optimism about Express’s future, stating that the company is “making meaningful progress refining our product assortments, driving demand, connecting with customers and strengthening our operations.” However, it remains to be seen how the store closures and the broader retail landscape will impact Express’s long-term trajectory.
