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These days, when you go into a store, you never know if it will be the last time you shop there. So many retailers have been going bankrupt and closing all of their locations, like Bed, Bath & Beyond, Tuesday Morning and Christmas Tree Shop, while others, like Sears, Pizza Hut, CVS, Rite Aid, Walgreens and Boston Market, have been shuttering stores due to financial woes. Now, Express, the 40-year-old fast fashion retailer with over 500 locations nationwide, is said to be close to bankruptcy as well.
The chain was hit hard during the pandemic, when there wasn't as much of a demand for the business casual apparel they sold. Then, since the pandemic, consumers have been more interested in comfortable athleisure than the clothes for sale at Express, causing the company's profits to drop. In 2020, they closed 91 stores to offset the losses, but have not yet been able to turn things around, and it's not looking good for them. Retail industry consultant Shawn Grain Carter told Retail Dive, "Express is truly on a respirator and teetering on possible bankruptcy."
To encourage customers to return, the store has been offering promotions like "buy one, get one 50% off." They also hired a new CEO and plan some layoffs to cut costs. However, Carter thinks it likely won't be enough, stating, "I would not be surprised if they end up in Chapter 11 bankruptcy. I think it's sad because they were once a destination for young people to purchase goods at a decent price that were on trend."