A PROMINENTE clothing retailer is set to close more stores following its bankruptcy announcement last month.
Customers across industries will be forced to seek their style and fashion needs elsewhere amid the sudden shutdowns.
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In April, Express made the shocking decision to file for Chapter 11 and confirmed in a Press release would be to cut at least 95 locations and sell them.
With just 530 stores in the United States, this is a significant part of its portfolio.
At the time, the company did not identify which stores would permanently close, but has since revealed more information about 11 important closures for New York City residents, per The CW Affiliate. WPIX.
It’s unclear the last day each Express location will remain open, but customers should act quickly to take advantage of clearance sales happening now before time runs out.
Read more about store closures
Offers and discounts are up to 70% off selected merchandise.
The locations for New York City’s first six 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 North Zone.
- 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 April press release that all stores will continue “conducting business as normal.”
Your bankruptcy filing also comes after you receive 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 help businesses after difficulties caused by the coronavirus pandemic.
How does bankruptcy work?
Bankruptcy is a specific legal process that helps businesses eliminate debts they cannot pay.
The process allows businesses to start from scratch and gain access to new credit.
Overseen by federal courts, bankruptcies allow a company to more easily sell its assets to pay creditors, according to Investopedia.
Chapter 11, a common process for businesses, is used to restructure a business with the goal of staying open – even if it means selling most of the company’s properties.
Express also said it expects to obtain an additional $35 million in financing to dig itself out of the hole from existing creditors if the bankruptcy filing is approved in court.
If the brand manages to secure what it needs to alleviate its debt, it will be able to restructure itself and stay alive without closing completely.
For more related content, check out The US Sun’s closing of another beloved retailer with 850 locations nationwide that filed for bankruptcy this year with 90% off sales.
The US Sun also tells the story of Rite Aid’s continued wave of shutdowns following its bankruptcy filing last fall.
This story originally appeared on The-sun.com read the full story
