Advertisement

Express, seeking revival, to close 100 stores

People pass by an Express retail clothing store in Valley West Mall, Wednesday, Jan. 22, 2020, in West Des Moines, Iowa. Photo: AP Photo/Andrew Harnik
People pass by an Express retail clothing store in Valley West Mall, Wednesday, Jan. 22, 2020, in West Des Moines, Iowa.

Updated: January 23, 2020 09:56 AM

Express, a staple in U.S. malls, will close about 100 stores as part of a restructuring plan as the chain grapples with drastic changes in where people spend their shopping dollars.

Stores in Minnesota expected to close are located in the Burnsville Center and Eden Prairie Center. 

Advertisement

The retailer that caters to younger shoppers said earlier this month that it was laying off 10% of the staff at its Columbus, Ohio, headquarters and its New York City design studio.

Express Inc. said Wednesday that it can cut its costs by $80 million annually, partially through the store closures, nine of which took place in 2019. It plans to close another 31 stores this year, and 35 more by the end of next year.


More from KSTP:

Pier 1 to close up to 450 stores


It was not immediately clear how that would affect the employees at those stores. Staff in Columbus and New York were provided severance pay and ongoing benefits.

Express also said it would relaunch its loyalty program and its private label credit card this fall as part of its effort to reinvigorate the brand.

Express operates about 600 stores. Its sales and profit growth have slid over the past three years.

Clothing retailers, particularly those in malls, have been devastated by changing consumer behavior. More than 9,000 store closures were announced last year, according to Coresight Research, a research and advisory firm.

Shares jumped 20% to close at $5.01 on Wednesday.

For the full news release, click here.

Connect with KSTP


Join the conversation on our social media platforms. Share your comments on our Facebook, Instagram, and Twitter pages.

Credits

The Associated Press

(Copyright 2020 by The Associated Press. All Rights Reserved.)

Advertisement

Pilot killed in plane crash was Minneapolis businessman

Bernie Sanders to hold rally on eve of Super Tuesday in St. Paul

Audit: Minnesota prison safety suffers due to guard shortage

Delta to suspend service between MSP and Seoul over coronavirus

Date set for upcoming strike against SPPS

Advertisement