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 available to customers.

“The COVID-19 pandemic is an unprecedented situation that is unfolding day by day,” said Tim Baxter, the company’s Chief Executive Officer, adding, “The situation has evolved considerably since our earnings call last week, and while we remain committed to returning Express to long-term, profitable growth – as outlined in our corporate strategy The ExpressWay Forward – we must acknowledge that this is certainly a detour. We are taking decisive and appropriate action to further reduce capital expenditure and expenses.”

The Company will ensure all store associates receive compensation for scheduled work time through March 27. In addition to the temporary closing of stores, corporate associates in Columbus and New York are working from home. Due to the continued uncertainty of the impacts of COVID-19 on the Company’s business operations as well as consumer confidence and demand, the Company is withdrawing the first-quarter guidance issued on March 11, 2020. The company is not providing an updated outlook at this time.

Picture:Business Wire

 

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