Express Takes A Detour Into Bankruptcy, Will Close Over 100 Stores [Forbes]
Simon Property Group, Inc. (SPG)
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Source: Forbes
Express, a multi-brand fashion retailer whose portfolio includes Express Express , Bonobos, and UpWest, has filed for Chapter 11 bankruptcy and intends to close more than 100 stores. The move, according to the company, is to better position Express for stronger growth in the future. The company has been struggling over the past few years to keep up with consumer preferences, differentiating itself in the market with product offerings and fighting off intense competition in an over-stored U.S. market. Trouble Ahead In August of 2023, Express planned to lay off about 150 employees through 2024 to save $30 million but that move only represented a portion of the planned $120 million cost reduction effort. The company had taken cost reductions in 2023 and had planned to continue reducing expenses going into 2025. However, by filing for bankruptcy, the company has the opportunity to restructure its operations including renegotiating its many lease agreements that will remain after the cl
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SPG
Earnings
- 2/5/24 - Beat
SPG
Sec Filings
- 4/3/24 - Form 4
- 4/3/24 - Form 4
- 4/3/24 - Form 4
- SPG's page on the SEC website