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Express with 537 locations ‘teetering on possible bankruptcy’ after 40 years and 91 store closures

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RETAIL consultants assume one other clothes retailer might be headed for chapter amid slumping gross sales.

Quick style chain Specific has struggled to take care of a footing since closing 91 shops in 2020.

A retail expert thinks Express is 'teetering on possible bankruptcy'
A retail professional thinks Specific is ‘teetering on attainable chapter’Credit score: Getty

Specific has suffered from a serious drop in gross sales, down 6.4 p.c for the second quarter in comparison with final yr.

The chain additionally reported a second-quarter lack of $44.1million.

Now, one retail professional reckons Specific and its 537 nationwide shops might be headed for chapter.

Shawn Grain Carter, a retail trade guide and professor on the Vogue Institute of Expertise on the State College of New York instructed Retail Dive: “Specific is really on a respirator and teetering on attainable chapter.’

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Different consultants are skeptical of the shop’s attraction in a crowded quick style market.

Specific first opened in 1980, providing clients enterprise informal items at an reasonably priced worth.

Now it’s struggling to distinguish itself, particularly as style tendencies have moved towards extra relaxed, athleisure types.

“Little or no concerning the Specific proposition stands out,” Neil Saunders, managing director of GlobalData, instructed Retail Dive.

“The assortment is bland, types are mediocre, and costs are considerably too costly for the kind of merchandise being provided.”

‘TURNING POINT’

Regardless of its latest struggles, then-chief government officer of Specific Tim Baxter maintained a optimistic tone when chatting with traders throughout the Q2 earnings name this month.

“It’s been a difficult yr at Specific, and our outcomes put us on the defensive,” he stated.

“However we’re at a turning level, and we are actually confidently on the offensive.”

Final fall, Specific opened a handful of smaller, off-mall shops below the Specific Edit banner.

In shops, it’s providing a purchase one, get one 50 p.c off promotion on many gadgets.

Regardless of this transfer, Carter reckons it will likely be exhausting for the model to resist what are already harsh retail circumstances attributable to inflation and altering client habits.

“I’d not be stunned in the event that they find yourself in Chapter 11 chapter,” he stated.

“I believe it’s unhappy as a result of they have been as soon as a vacation spot for younger individuals to buy items at a good worth that have been on pattern.”

Specific final carried out a wave of closures in 2020, shuttering 91 shops.

However it’s removed from the one style retailer having to make powerful choices within the present retail local weather.

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Round 350 Hole and Banana Republic shops can have closed by the tip of 2023.

And JCPenney has closed over 175 department shops since 2020.

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