The beloved clothing retailer Express is facing financial challenges, and as a result, several of its California locations will be closing their doors permanently. This news comes as the company navigates the complexities of Chapter 11 bankruptcy protection.
A Retail Retreat: 95 Stores to Shutter Nationwide
Express has announced plans to close 95 stores across the United States, with 16 of those closures taking place within sunny California. The company is currently in the process of being acquired by WHP Global. Despite these closures, Express emphasizes that they will continue to serve customers through their remaining stores and online platforms.
A Snapshot of California’s Store Closures
Here is a detailed list of the 16 Express stores that will be closing in California:
- Cerritos – Los Cerritos
- Downey – Stonewood
- Emeryville – Bay Street
- Escondido – North County Fair
- Fresno – Fresno Fashion Fair
- Lakewood – 500 Lakewood Blvd
- Montclair – Montclair Plaza
- Moreno Valley – 22500 Town Circle
- National City – Plaza Bonita
- San Diego – Mission Valley
- San Diego – University Town Center
- Santa Ana – Mainplace Mall
- Santa Clara – 2855 Stevens Creek Boulevard
- Sherman Oaks – Westfield Fashion Square
- Thousand Oaks – The Oaks
- Valencia – Valencia Town Centre
Express’s Financial Situation
According to the Chapter 11 petition filed in the U.S. Bankruptcy Court for the District of Delaware, Express reported a total debt of nearly .2 billion and total assets of .3 billion. The company is working to streamline its operations and lease portfolio amid these financial challenges.
Adapting to Retail’s Evolving Landscape
The closure of these 16 California locations reflects the changing landscape of the retail industry, where many brick-and-mortar stores are struggling to keep pace with the surge in online shopping. Express hopes to emerge from this period of restructuring with a stronger focus on its digital presence and a more efficient physical store footprint.
Data sourced from: ktla.com
