Express withdraws outlook, closes stores amid coronavirus concerns

Effective immediately, Express Inc. will close all Express and Express Factory Outlet stores until March 27, while its website and mobile app will remain accessible to customers.

“The COVID-19 pandemic is an unprecedented day-to-day situation,” said Tim Baxter, chief executive officer of the company, adding: “The situation has changed significantly since our call for results last week , and while we remain committed to returning Express yourself for profitable long-term growth – as stated in our corporate strategy The ExpressWay Forward – we must recognize that this is certainly a detour. We are taking decisive and appropriate steps to further reduce capital and spending. “

The Company will ensure that all store associates receive compensation for the scheduled working time until March 27. In addition to the temporary store closings, business associates in Columbus and New York work from home. Due to continuing uncertainty about the impacts of COVID-19 on the Company’s business activities as well as consumer confidence and demand, the Company is withdrawing the first quarter forecasts published on March 11, 2020. The company does not provide no updated outlook this time.

Image: Business Wire


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