Beloved clothing retailer to close down 11 more stores after filing for bankruptcy with liquidation sales up to 70% | MN9VMUR | 2024-05-06 17:08:01
Beloved clothing retailer to close down 11 more stores after filing for bankruptcy with liquidation sales up to 70% | MN9VMUR | 2024-05-06 17:08:01
A PROMINENT clothing retailer is set to close more stores after its bankruptcy announcement last month.
Customers in several areas will be forced to get their style and fashion needs elsewhere amid the sudden shutdowns.
In April, Express made the shock decision to file for Chapter 11 and confirmed in a press release it would be axing at least 95 locations and selling them.
With only 530 stores around the United States, that's a significant chunk of its portfolio.
At the time, the company didn't identify which stores would be shutting down for good but has since revealed more information about 11 key closures for New York City residents, per CW affiliate WPIX.
It's unclear the last day each Express location will remain open, but customers should act fast to take advantage of liquidation sales going on now before time runs out.
The deals and discounts are reported to be up to 70% off on select merchandise.
Locations for the first six New York City closures are as follows:
- 1552 North Broadway, Manhattan (Times Square)
- 129 5th Avenue, Manhattan (Flatiron District)
- 514 Broadway, Manhattan (SoHo)
- 26th Avenue and Bell Boulevard, Bayside
- 490 Fulton Street, Brooklyn
- 5036 King's Plaza, Brooklyn (Kings Plaza)
Three others are located on Long Island.
- 2034 Green Acres Mall, Valley Stream
- 3513 Long Beach Road, Oceanside
- 1701 Sunrise Highway, Bay Shore
The last two are located in the Northern Suburbs.
<!-- End of Brightcove Player --> - 5130 Xavier Drive, Yonkers
- 1 Sangertown Square, New Hartford
At least seven other Express closures have also been confirmed in New Jersey.
- 250 Woodbridge Center Drive, Woodbridge
- 110 Garden State Plaza, Paramus
- 400 New Jersey 38, Moorestown
- 4403 Black Horse Pike, Mays Landing
- 112 Eisenhower Parkway, Livingston
- 3710 Route 9, Freehold
- 1750 Deptford Center Road, Deptford Township
HELPING HAND
Express said in its press release in April that all stores will continue to "conduct business as usual."
Its bankruptcy filing also comes after receiving money from the federal government.
The company said it recently acquired about $49 million from the Internal Revenue Service (IRS) due to the CARES Act.
CARES was created by the Trump administration in 2020 to assist businesses after the struggles caused by the coronavirus pandemic.
<p class="article__content--intro"> Bankruptcy is a specific legal process that helps companies eliminate debt they can't repay. </p> </div> </div> Express also said it expects to get an additional $35 million in financing to get out of the hole from existing lenders if the bankruptcy filing is approved in court.
If the brand can secure what it needs to relieve its debt, it could restructure and stay alive without completely closing.
For more related content, check out The U.S. Sun's closure of another beloved retailer with 850 locations nationwide that filed for bankruptcy this year with 90% off sales.
The U.S. Sun also has the story on Rite Aid's continued wave of shutdowns after its bankruptcy filing last fall.
More >> https://ift.tt/ne8Amqu Source: MAG NEWS
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