Express, the national fashion retailer, filed for bankruptcy protection Monday and said it would close nearly 100 stores, but none in Oklahoma. The chain has stores in three of the state's biggest malls, Penn Square Mall, Quail Springs Mall in OKC, and Woodland Hills Mall in Tulsa.
The chain, based in Columbus, Ohio, said it made the Chapter 11 filing in preparation for a sale supervised by the bankruptcy court, and that it would not affect e-commerce sales − online or by app.
Express said it has potential buyers in a consortium led by WHP Global with others including Simon Property Group LP and Brookfield Properties that have expressed interest in "a substantial majority" of the company’s retail stores and operations. Simon Property Group owns Penn Square and Woodland Hills Mall. Brookfield owns Quail Springs.
Express store chain needs to change with the times, but it may be too late, an OKC retail property specialist says
Express said it has work to do.
“We continue to make meaningful progress refining our product assortments, driving demand, connecting with customers and strengthening our operations,” said CEO Stewart Glendinning. “We are taking an important step that will strengthen our financial position and enable Express to continue advancing our business initiatives."
It needs to, said Jim Parrack, senior vice president and retail specialist at OKC commercial property brokerage Price Edwards & Co.
"Express is one of those fashion retailers that just hasn’t been able to keep up with changing consumer tastes," Parrack said. "Their sales have never reached pre-pandemic levels. Here’s how RetailStat put it: Express’s issues are due to 'weak consumer spending, uninspiring fashion selections, lower traffic and rising labor costs.’"
He said his daughters, who are 29 and 31, "are in their target market, and neither shop there. Its day has come and gone and it’s probably best to move on. The damning quote from my daughter Paige: ‘I went once in high school. I don’t really remember them.'"
Parrack said Express stores are typically about 7,500 square feet in size and that the spaces will probably be filled by other retailers, "although it might not be fashion."
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