Express Is Closing 31 Fashion Retail Stores Across 20 States This Month
The Express, a fashion retail company, is closing several of its stores this month of January 2020. At least 20 of its stores in the United States will be shut down.
A new corporate strategy of the company will be initiated, as the Express, Inc. stated in a press statement. The company has also announced its fourth-quarter guidance.
"Today we are unveiling our new corporate strategy, called The EXPRESSway Forward, and we are focused on profitable growth," Tim Baxter, Chief Executive Officer said in their press release.
His expectation is that they will return to a mid-single-digit operating margin through a combination of low-single-digit comp sales growth, margin expansion, and cost reductions, Baxter added.
The third consecutive quarter of the company shows sequential improvement in its sales. Baxter was encouraged that the new initiatives will reverberate with their customers.
At least nine malls were closed last year and more will be closed until 2022. The additional closure of its malls is seen to help the company revive its brand and to stay afloat.
THE FALL OF PHYSICAL STORES
For this month, their stores in Arizona, Arkansas, California, Connecticut, Florida, Georgia, Illinois, Michigan, Minnesota, Missouri, Nebraska, New Hampshire, New York, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, and Virginia will be closed, as reported by Today.
The Express store sells trendy and fashionable clothes to its audiences, including Millennials. The strategy is also a way to reduce costs.
Presently, Express has 411 retail chains in the United States and in Puerto Rico.
DOWNSIDE OF ONLINE SHOPPING
"This will, of course, take some time, but we have a clear path," CEO Tim Baxter said in a statement, as reported by Today.
More bigtime retails stores have closed down and filed for bankruptcy protection. Macy has announced early this month its closure of 28 stores while Pier 1 Imports announced liquidation sales in order to shut down 70 stores.
Express is the latest retailer to close down in the height of online shopping. As reported by CNN, retail shops that closed down in 2019 included Payless, Gymboree, and Charlotte Russe.
Presently, Express has 411 retail chains in the United States and in Puerto Rico. They also have at least 215 outlet stores.
In 2018, Subway lovers were met with sad news as the food company announced the closure of hundreds of its restaurants.
The iconic fast-food chain had decided to take a major step to stay above the competition in the sandwich industry.