Express, a big mall-based clothing store, is struggling financially and on the verge of bankruptcy as a result of post-COVID adjustments. The company's second-quarter report shows a 6.4% decrease in net sales to $435.3 million, along with rising administrative expenses and a continuous growth in debt to $220.8 million. According to Creditsafe data, 35% of owing payments are delayed, totaling over $3 million.
A perfect storm has been created for Express as a result of the gradual depletion of cash reserves and the increasing debt, as well as the influence of remote work and the shifting behaviors of consumers. As rumors of a bankruptcy continue to circulate, experts have advised them to take prompt action, such as reducing expenses and investing in technological advancements.