ST. LOUIS BUSINESS JOURNAL — Express Inc. is closing 100 stores as it looks to further tighten its belt.
The Columbus-based retailer (NYSE: EXPR) said in a filing with the Securities and Exchange Commission that the closures will take now through 2022, including nine stores that closed by the end of 2019, 31 by the end of this month and 35 by the end of January 2021.
The company didn't give specific locations. Express has six stores in the region, including at South County Center, West County Center, Saint Louis Galleria, St. Clair Square, Mid Rivers Mall and St. Louis Premium Outlets.
The closures will mean a net reduction of sales of about $90 million by 2022, but the company also said the elimination of the fixed operating costs will mean a $15 million annualized increase in earnings before interest, tax, depreciation and amortization.
At the same time, the company announced $80 million in cost reductions over the next three years, including $55 million from the announcement that it will eliminate 10% of the positions at its corporate headquarters in Columbus and its design studio in New York. It also is reorganizing its field leadership team. An additional $25 million will come from process improvements, inventory optimization and systems implementations.
“Our expected results show the third consecutive quarter of sequential improvement in our comp sales trends," CEO Tim Baxter said in a statement. "I am encouraged that the new initiatives we have put in place are resonating with our customers.”
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