Will This Retailer Close in Maine, Massachusetts, New Hampshire?

Over the last few years, we have become way too accustomed to seeing major retail chains close their physical locations.

Believe it or not, these closures were not all a product of the pandemic, either.  Yes, they have become more frequent since the spring of 2020, but this trend has been going on for the better part of a decade.

Macy’s began closing their underperforming locations in 2017 and, in 2018, Toys “R” Us completely shut down their brick & mortar stores.

Now, it looks like another chain may be forced to close some of their stores.

According to U. S. News, the clothing store chain is nearing a bankruptcy filing.

After reaching a peak of $142 in June of 2021, the price of the company’s stock has seen a steady decline.  As of February 20, the price of a share was down to $2.42.

According to the Wall Street Journal, the company had been working with restructuring adviser M3 and law firm Kirkland & Ellis in an attempt to deal with $280 million in debt.

Some sources say that the company is hoping to alleviate some of the debt through a massive IRS pandemic bailout.

Why is Express dealing with financial issues?

Like a lot of retailers with physical locations, they are in a battle with online retailers, like Amazon.

Additionally, as Express is known for selling business casual clothing, they took a hit during the pandemic.  With people working from home, there was less of a need for that kind of clothing.  And as people continue to work from home, that part of their business has never really bounced back.

What does this mean for their New England stores?

Hopefully, nothing.

There is still a hope that they will be able to rebound from these financial troubles without having to close stores.

As it stands right now, they have not announced any store closures.

Express has stores throughout New England.  They have locations in the Maine Mall, Salem (NH), Burlington (MA), Hyannis (MA), and Danbury (CT).