Ohio Retail Chain Faces an Uncertain Fate: Could Closure Be Imminent?
Speculation is mounting over the future of an Ohio based retail chain.
Express, which is headquartered in Ohio, has delivered some disappointing financial results of late, and experts are questioning whether it will survive in the long term. The chain, which sells fast fashion primarily targeted to young adults, has 537 stores after closing 91 stores in 2020.
The retail chain's second-quarter net sales fell 6.4% from last year to $435.3 million, while they reported a $44.1 million loss. Express advised they would cut 150 jobs during this next quarter.
"Express is truly on a respirator and teetering on possible bankruptcy...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." Shawn Grain Carter, a retail industry consultant and professor at the Fashion Institute of Technology at the State University of New York
In the highly competitive fast fashion market, Express is struggling to compete.
“Very little about the Express proposition stands out. The assortment is bland, styles are mediocre, and prices are somewhat too expensive for the type of products being offered” Neil Saunders, managing director of GlobalData
Express currently has twelve stores in Ohio.
- 3265 West Market St, Akron, OH 44333
- 26300 Cedar Rd, Beachwood, OH 44122
- 4388 Holly Drive, Beavercreek, OH 45440
- 4360 Belden Mall, Canton, OH 44718
- 7875 Montgomery Road, Cincinnati, OH 45236
- 1500 Polaris Parkway, Columbus, OH 43240
- 4074 New Bond Street, Columbus, OH 43219
- 7540 Bales St, Liberty Township, OH 45069
- 840 Southpark Center, Strongsville, OH 44136
- 5001 Monroe, Toledo, OH 43623
- 100 Main Street, Westlake, OH 44145
- 7401 Market Street, Youngstown, OH 44512
It has been a tough year for retail businesses, with several large chains filing for bankruptcy and closing stores, including Bed Bath & Beyond, Tuesday Morning, Party City, Christmas Tree Shops, David's Bridal, and Mitchell Gold + Bob Williams. Even retail giants such as Walmart, Target, and Best Buy have been forced to close stores.
Do you think this brand can survive? Are you concerned about the number of retail stores closing? Do you worry about the shift to online shopping? Do you fear we are heading towards a recession?
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