Can Express Make A Comeback After Bankruptcy?
HTML-код
- Опубликовано: 21 июл 2024
- Just a decade ago, clothing retailer Express was at the top its game. Shopping malls were all the rage and remote work was in the distant future, and the company's annual sales reached $2.5 billion from its about 700 stores around the country. But after the departure of its CEO, Michael Weiss, in 2015, the company began to lose its grip. Sales steadily declined and, by April of 2024, Express filed for bankruptcy. Watch the video above to learn about why a group of investors are now jumping in to save the brand.
Chapters:
0:00 Introduction
1:15 Chapter 1: Rise and fall
4:35 Chapter 2: Bankruptcy
5:50 Chapter 3: Plans for comeback
Produced and Shot by: Ryan Baker
Edited by: Nora Rappaport
Additional Camera by: Natalie Rice
Additional Reporting by: Gabrielle Fonrouge
Animation: Christina Locopo
Senior Managing Producer: Tala Hadavi
Additional Footage: Getty Images
» Subscribe to CNBC: cnb.cx/SubscribeCNBC
» Subscribe to CNBC TV: cnb.cx/SubscribeCNBCtelevision
About CNBC: From 'Wall Street' to 'Main Street' to award winning original documentaries and Reality TV series, CNBC has you covered. Experience special sneak peeks of your favorite shows, exclusive video and more.
Want to be a successful, confident communicator? Take CNBC’s new online course Become an Effective Communicator: Master Public Speaking. We’ll teach you how to speak clearly and confidently, calm your nerves, what to say and not say, and body language techniques to make a great first impression. Sign up today and use code EARLYBIRD for an introductory discount of 30% off through July 10, 2024: cnb.cx/4aryNgM
Connect with CNBC News Online
Get the latest news: www.cnbc.com/
Follow CNBC on LinkedIn: cnb.cx/LinkedInCNBC
Follow CNBC News on Instagram: cnb.cx/InstagramCNBC
Follow CNBC News on Facebook: cnb.cx/LikeCNBC
Follow CNBC on Threads: cnb.cx/threads
Follow CNBC News on X: cnb.cx/FollowCNBC
Follow CNBC on WhatsApp: cnb.cx/WhatsAppCNBC
#CNBC
Can Express Make A Comeback After Bankruptcy?
They have great clothes and styles. It's just that their prices are ridiculous. No way I'm paying $50 for a Tshirt
Exactly what I thought when they kept mentioning quality and affordability throughout the video…Like, affordable for who?…In THIS economy?
Facts, I visited the store recently when looking for clothes for a trip. $40-60 for a simple blouse??? Pfft. No thanks, that’s excessive. I ended up getting something from H&M… and the hem has already come undone. 🤦🏽♀️ I’ll still rather use a needle and thread instead of paying that much for a SHIRT. smh
Bahaha ..: they have such cheap quality in 2 washes looks like sh***
My scentiments exactly! Even when they had a sale it was still expensive for my taste! At least I still have one their Blazers!
I never shopped at their stores as the quality is bad but the prices are so high.
Every year, I would take advantage of the holiday sales and refresh my entire wardrobe at Express. That was ~$1K. I loved the brand. Then I started working from home, then the pandemic hit, and I pretty much stopped buying. Often times I work in my pajamas 😂
That’s what the US wants! They want everyone to stay home so they can control you
Just went to Express yesterday and they only have 30% off. It is still expensive.
That's why I haven't step foot inside an Express for years now cause they are simply expensive for my taste!
Their quality was so bad for years. Everything was falling apart after a few washes. I remember buying 2 of the 1MX shirts at the same time and just got a different color. The two fit me completely differently. I couldnt believe it
They always did those BS sales too, where it was like spend $75 and get $15 off. But everything was priced at like $70 or $150. So it was just a crappy scheme to get you to spend more on their BS. Lastly, their dress clothes never really felt dressy….they felt like they were meant for clubbing or something. They never came off as ‘formal’.
For me, the issue with Express is that the quality did not match the price. Selling a polyester blazer for $150 dollars when I can get a 100% linen or cotton blazer for the same price or less depending on where I shop.
Express does have nice designs, but if I wanted to buy fast fashion, then I'd just shop at H&M, Forever21, Fashion Nova, Shein, Pretty Little Things, or Temu.
Frankly, I’m surprised any of these mall stores survive anymore. Most people probably buy online now.
I buy their stuff online on clearance, but I do like to try the stuff in the store out to check the fitting.
Everyone says that but it isn’t. Many people do both. Shopping in store fill the instant gratification that many people desire.
I hate when people say this. People still SHOP in person especially for clothes. Brick and mortar will never go out
@@yeskaitlyn8029I agree and I do both but I prefer to shop for clothes in person.
@@yeskaitlyn8029Exactly and online shopping is just a part of it but people still love shopping in person.
Their prices were so high that’s why people stop shopping but since the bankruptcy this year they have sales every week 70-80% off. I’ve been shopping nonstop now t shirts $10 ,dress shirts $20 really good quality stuff. Thanks Express.
Ima check it now. Thanks
I had no idea express filed for bankruptcy. It was my go-to store a decade ago….. I wish them luck.
The quality did not match the price as the video explained. They were delusional.
Agree
I used to shop there when I was college because it was a way for me to get stylish clothes that were much cheaper than Armani or Neiman Marcus but over the years the inventory for discounted retailers like Nordstrom Rack, Tj Maxx and Marshall’s have improved over the years where prices for designer clothes are now more competitive so that is where I shop now. I feel like the styles of Express has gone bland over the years and the quality is no longer justified for the price they are asking. It’s the same for Banana Republic, I used to buy a lot of their clothes but now I wouldn’t even consider it.
Omg BR has gotten so bad 😂🤦🏽♀️ Nordstrom Rack is still decent but it’s not like it was…
@@theleauxcal I am a guy btw so when Nordstrom rack first opened their branch here in Hawaii their inventory was very limited. Now there is an entire floor dedicated to men’s wear.
Express is too expensive. I used to work for a law firm as IT support and I was looking for slacks and button up shirts. Button up shirt was $ 65.00 and pants $ 80.00. This was in 2019 before all this inflation.
Now they cost the same with 10x worse quality
Didn't know Express went through bankruptcy. As a 5'8" guy with an athletic build they're one of the few places where the clothing fits me well. I've never paid for anything at full price there, but at 50% off or on clearance I think the quality's pretty good.
I have the same build and shop here consistently for that reason. Got any other places you like?
Zara of Spain is next in line… 😅
As a lanky/athletic 5’7” female I also find their clothes to fit well. On the women’s side they try too hard to be ‘fashionistas’ with tacky prints and bright shiny polyester.
@@eFxAstro No unfortunately, which is why I hate shopping for clothes lol
I used to love Express in my 20s and 30s, but they got rid of all the good, simple, plain designs in favor of large ostentatious logos. They also price their items like A&F but they're not A&F. That's why nobody shops there anymore.
Yeah every once in a while I can find a good shirt but it’s much harder to find those simple button ups and polos I used to wear all the time
Same for me. This and Banana Republic were go to for me until my early 30s. Then they tried to jump on some ridiculous trends and everything got ugly.
I still shop at Express. Love that store. ❤❤❤
Our Express is going out of business and has had liquidation for over a month. I went in to see what the prices were with the discounts. I see why they couldn't make it. In that same block is J. Crew Factory, Banana Republic factory, T.J. Maxx and 2 buy-sell-trade consignment stores. Competition. They're being beat at prices. Their jeans were way over priced even with the discount.
I was going to say this! Too expensive
Why would you believe the pricing had anything to do with Express corporate pricing strategy when once a location is sold to the liquidators?
Rlly? Express jeans are usually under 100 dollars, I’ve seen some for sale for below 50 frequently online.
Express has declined in quality and it is extremely behind on trends. It took them forever to start offering wide leg jeans, low rise, crop tops, expand body contour line, and offer non-office clothing. Aritzia is a similar store in terms of clothing style and price, but they emphasize a better customer experience and modern branding
This was my GO-TO in the 80s. So many fond memories
For women we did not get express for men until the 2000s
i recently needed a SLIM fit dress shirt and express was my go-to. went to the mall and found out they closed down 😢
i usually don’t mind the fit too much but it was for a summer wedding, so jackets would be off and the fit made it look tailored despite it being off-the-shelf
Still shop at Express, when on deep discounts/sales. Remember when it was Structure.
i used to really like Structure in HS
The quality is now laughable - on par with SHEIN and 5x the price. Express used to be a great store in the early 2000s.
It's too damn hot to play dress up at Express' prices!
As a buyer from express. I would say their dress pants and socks are things worth buying. Shirts don’t last that long
I'm actually pretty surprised, every time how I walk in i feel like I'm in Brunello Cucinelli but like a little more cheap expensive version, it would feel like luxury and had the old money style so I'm pretty surprised.
I used to like express, even back when it was structure. I feel like the quality just got worse and worse through out the years. I stopped something because the quality was just horrible and a shirt would look like trash after 3 or 4 washes.
A lot of people are looking for affordable quality. If these legacy mall brands were better at advertising and guaranteeing this they’d be more competitive to Zara, Shein, Target, etc.
There jeans fit me perfectly! It sucks that they are going to be closing
I feel investors should focus on under-the-radar stocks, considering the current rollercoaster nature of the stock market, Because 35% of my $270k portfolio comprises plummeting stocks that were once revered. I don't know where to go here out of devastation.
The safest approach I feel to tackle it is to diversify investments. By spreading investments across different asset classes, like bonds, real estate, and international stocks, they can reduce the impact of a market meltdown.
@@SarahOlivera-t4z It's often true that people underestimate the importance of financial advisors until they feel the negative effects of emotional decision-making. I remember a few summers ago, after a tough divorce, when I needed a boost for my struggling business. I researched and found a licensed advisor who diligently helped grow my reserves despite inflation. Consequently, my reserves increased from $275k to around $750k.
@@RhondaArmstrong-y4d This is considerable! think you could suggest any professionals/advisors? I'm in dire need of proper portfolio allocation.
@@RhondaArmstrong-y4d I will give this a look, thanks a bunch for sharing.
I called her and she used the n word and other racist words
wow i was really looking forward to that bankruptcy sale….
I absolutely LOVE thier clothes🖤
Does it need to? Do we need this brand as a society? They had a model based around the mall and the mall went away. So express goes away, I’m not sure society cares about this brand anymore? It’s not critical to our existence as a species. Let’s move on.
Informative
Express sells cheap quality at an expensive price. No thanks.
Love there clothes stylish good price and quality
I used to work for this brand in their Times Square location!.!.
I use to ❤ going to express, but when they started to make cheap quality clothes and straying from the prep look I stopped shopping there. I hate when brands chase trends rather than set them.
As a Zillenial- Express has great quality and the basics last for so long. I will continue to buy because of their quality. However, the online presence is non existent. The only reason I know of Express is because my parents took me to the store as a kid.
I loved Express. I still have so many of their clothes that’s lasted me since high school (8+ years ago)
Love love love there clothes but I can not afford them in these days
Pre-pandemic I used shop at their stores often. I loved and still do love their designs. Especially the shirts, sweaters and cardigans. However their prices have gotten way out of my budget and with inflation hitting everywhere else in the economy, it’s hard to justify spending that much money on clothes item. To add I’m working at home now so there’s no need to look good anymore. H&M is a lot more reasonable, even though tbh their quality is nowhere near that of Express.
Hell. I went there in 2005 because of the fashion. Tried to force myself to go back a few times. But every time, the prices never matched the quality. I can't imagine how much worse it got since then. It's never had a good quality meets price ratio lol
Express was my go-to for clothing from 2017 to 2019. I considered my style to be "elevated basics" -- tops with an interesting detail like frilly sleeves or a sweetheart neckline -- and Express was (and still is) the best option for this type of clothing. Although they were pricy, I would always wait until what I wanted would go on clearance + an extra 50 or 60% off, and I'd stack $10 reward and a free shipping coupon on top of the discount. But between the fact that I bought a ton clothes a few years ago and the fact that I work from home most days, I don't really need to add any more clothes to my wardrobe. Additionally, something else happened to turn me off from Express: their quality and sizing isn't as consistent as it used to be. I've always been a size large at Express, even when I was 15 pounds heavier. But last summer, I bought 3 blouses from Express and the sizing was terrible for two of them. One I had to size up to an XL; the other I was in between sizes: and this was even though I was 15 pounds lighter! The last blouse fit great, but the material started pilling within an hour of me wearing the blouse. So it looks like Express has chosen the "fast fashion, worse quality" route (except they haven't lowered their prices). It makes me sad to say this, because I still really like the clothing options at Express.
I worked there for 8 years
Express stopped having good stuff for men years ago. The shirts used to be so dope
Love express tops. I always shopped online because they had special sizes. The last year or so, they stopped carrying the special sizes completedly so I stopped shopping there.
Paid $50 for a plain skirt thinking they were a regular clothing store. Never went back 😂
I haven’t heard of Express before
They went public. That was the downfall. When the focus goes from product and customers to making investors happy instead of doing what they need to. That's what happens. It's a pattern, look into it. Going public causes the downfall of a company.
yes
I totally forgot about this company omg
The quality was always the problem. Those 1MX shirts looked terrible after a wash. If the quality were good they would be my whole wardrobe
Ya as other comments mention they have really nice stylish clothes but the prices are crazy!
To be honest I haven't step foot inside an Express store cause I simply can not justify paying ridiculous Express price! The quality don't even match!
Honestly never paid attention to express when it was popular bc I was too young lol. Now that I’m in my early 30s, I love the brand so much. To me, the price isn’t bad for the quality, and fits my 5’8 pear shape body perfectly :)
Some of their styles are in a weird limbo. “Where would I wear this?” Too dressy for work, too casual for a dressy environment. These companies that have been around for a while need to stop trying so hard to be fashion forward and go back to the archives and reintroduce top sellers. I just got an incredible Express top but it was the last one. The fit was impeccable so I could see why it sold out. If they had more colors of that style I’d buy em up. But I’m a fashion school dropout so they’d never consider hiring me in corporate even though I’m apart their target audience. The fashion industry is so stuck up in regards to hiring people who are genuinely passionate and have the talent and drive to make much needed improvements.
I haven't been to Express in years! There are better options nowadays where you can buy cheap items with same quality. I worked there for exactly one month in my early twenties and quit because they said you could only wear Express jeans, knowing we couldn't afford it LOL
Problem is the US consumer is getting poorer. Not sure you can sell higher price goods to them.
I’ve been buying their clothes for 25 years. Quality is pure garbage, I struggled to buy anything in the store it was so bad
Why were you a customer then for that long if the quality was so bad?
@@redesignedlife777I didn’t buy it for 15 years. Went back recently I needed a suit and a ton of stuff. Bought a jacket and left
In the 90s and very early 00s, Express had great quality clothes which warranted the high price tag. I had jeans, slacks, and collared shirts that lasted YEARS (even with weekly washing). Around 2005/2006, they must have changed buyers because the quality fell off quickly and was no longer worth what they were charging. Such a shame because I was a loyal customer!
Same. Express and The Limited used to be staples in my business casual wardrobe, but then they stopped providing quality clothes and went with cheap, scantily clad type clothing.
You're so right. I worked there when it was called Structure and was a fan since. I think the 2005/6 timeframe you mentioned is when The Limited sold the company to a different investor group. Hopefully Simon will return them to their higher quality and better prices.
The only difference between express and old navy is the price express chargers. They companies need to understand 85% of the population doesn't want to pay 100$ for a pair of jeans when you can get the same jeans for 30$ from other stores.
Express was one of my favorite clothing brands as a teen, sad to see their faith
Express is a wanna-be high brand buy sells you a high price with weak quality
Best fitting slacks I've ever owned 🔥
I went into Express and they have a lot of nice items but it is very expensive and very overpriced!!
Everything is made in China, India, Indonesia etc etc. The buttons, seams, fabrication itself isn't that great!!
You can find woven and knit items just like that for way less on Fashion Nova
Express and The Limited used to be staples in my business casual wardrobe, but then they stopped providing quality clothes and went with super cheap material that was way overpriced.
I liked Structure. Bring that back.
They changed buyers then it went south from there, I used to like shopping there
I used to love Express. However the styles I've been seeing in the stores are just so.... unwearable
I know for me i stopped shopping there because i felt like their stuff was way overpriced. I've worked retail so I'm familiar with how these things work. Their styles were unremarkable and felt cheap and like i said overpriced. But i do hope they figure it out. They're a staple in American culture at this point!
When they where Structure they were way better years ago the sales are scams & the biggest issue is definitely the $prices$ I haven’t shopped there in years.
Love Express, but long lines, staff not trying to help people who look like me, coupons that don't work and a horrible website has killed their business
Never heard of it.
They charge too much for good quality basics
I still love Express!
Don't need fashion when you work from home.
I still shop at express 😂
Good for you. I switched to Zara.
@@labradachig1976 Zara is ok too but I don’t think their prices are worth the quality. H&M is a bit better.
@@labradachig1976express has decent looking stuff but bad quality. But Zara got ugly fast fashion pieces. 1-2 seasons and you will look back and not care to wear it again.
EXPRESS was cool ASF when Bootcut jeans for guys were popular with spiky hair. That was it. I bet it's not cool to say 'this is from express' among youngsters.
Hallelujah!!!! The daily jesus devotional has been a huge part of my transformation, God is good 🙌🏻🙌🏻🙌🏻🙌🏻🙌🏻was owning a loan of $47,000 to the bank for my son's brain surgery (David), Now I'm no longer in debt after I invested $8,000 and got my payout of $270,500 every months,God bless Christy Fiore 🇺🇸🇺🇸🇺🇸..
Hello!! how do you make such monthly, I’m a born Christian and sometimes I feel so down of myself 😭 because of low finance but I still believe God
Thanks to my co-worker (Carson ) who suggested Ms Christy Fiore
She's a licensed broker here in the states🇺🇸 and finance advisor.
After I raised up to 525k trading with her I bought a new House and a car here in the states🇺🇸🇺🇸 also paid for my son's surgery….Glory to God, shalom.
Can I also do it??? My life is facing lots of challenges lately
It’s a shame cause I actually liked their clothing
Express was too expensive AND exclusive. Most of the country is blue collar and a size 16.
Its too expensive
I had to click on this because I thought express went bankrupt years ago ha
They also own JCP and Aeropostale. Not really a new thing.
"Investor groups saving the brand" is never a good idea. Usually investor groups are there to plunder what's left and eventually destroy the business. Express, it was good knowing you.
I used to buy long sleeves from this company. Then Amazon took over and I found better deals online.
1000% No Comeback
Get ready, brace yourself for important refund info
Buy a shirt for $60 and get the second 50% off 😂
I'm SO thrilled!!! I love Express. It's affordable and b/c I'm getting a new job soon, they have clothes I need. Online clothes are just too frumpy for me smh
Affordable? This is definitely a bot account lol
@@blazinpyromaniac excuse me? I've been around for yrs. I'm a person and I SAY it's affordable. For me, when I want nice clothes that can last
@@AprilHarmony9 "I'm a person", that's what a bot would say.
I've had several suits over the years each looked great in the beginning but man were they falling apart in a year. Overpriced for worse quality
I liked The Limited more😒
The material felt cheap and would fade quickly.
No one is buying express in California, not trendy, too expensive this brand is done unfortunately
Awesome video, Gracias,! I think the market is over-heated. And I am concerned that people are focusing less on fundamentals and just chanting the mantra of dollar cost averaging and driving the market higher without considering fundamentals. It is a catch-22 for me. I mean I like crypto prices going higher but I also hate buying over-priced market and ETFs. Personally, I have stopped buying growth ETFs- they are ridiculously over-valued. Dividend crypto and ETFs are a little better but they are still over-valued. There is some hope with small and mid caps. I am not sure they are undervalued but at least they are less over-valued..This pattern offers a valuable insight for strategic planning. Despite these trends, i have delve deeply into active trading and managed to grow a nest egg of around 100k to a decent 432k in the space of a few months... I'm especially grateful to Haley Eleanor , whose deep expertise and traditional trading acumen have been invaluable in this challenging, ever-evolving financial landscape.
YES!!! That's exactly her name (Haley Eleanor )so many people have recommended highly about her and am just starting with her from South Savo 🇫🇮
She is my family' personal Broker and also a personal Broker to many families in the United states, she is a licensed broker and a FINRA AGENT in the United States.
The true financial unlock comes when you understand and know the technique required to manage your investment's overall risk profile and avoid permanent capital loss. It is critical to have a strategy in place to capitalize on profits when they occur.
How can I get in touch with Haley Eleanor? What are her offerings?
Oh yeah sure, she's active on What's ApK
i used to shop here but they effin over priced
Overpriced, low quality clothes! People are now smarter & have many choices. Ripping customers off does not help any business to survive.
Horrible quality clothes. Too expensive for their quality. I don't know how they remain open in the mall I go to. They never have people in that store.
Yep, at my mall A&F has a line to the back of their store. Express, meanwhile, has 2 people in there. They're in debt, that's how they can keep their stores open.
Bring back Structure. 😂
I empathize with those struggling to understand digital marketing, especially during these uncertain economic times. With the dollar's volatility and cryptocurrency's growing prominence as a universal currency, it's essential to stay adaptable and informed
Hearing it last week got me scared so I agree with you! Investing puts money to work. The only reason to save money is to invest it
I think Mendy Alissa strategy is the best at the moment, I recommend it for beginners because it is perfect for now and it is known
This is correct, Mendy Alissa strategy has normalized winning trades for me also and it's a huge milestone for me looking back to how it all started
I have been seeing lots of testimonies about her. She must be very good for people to talk so well about her
I remember giving her my first savings $4500 and she opened a brokerage account for me it turned out to be best thing that ever happened to me
Affordable!?!?!?
Thrift stores we not buying this over price garbage anymore
they need to study how abercrombie became successful again and copy that strategy
Abercrombie & Fitch is still priced ridiculously high though. They may be "in" but the price point never changed.
They copied their prices... but nobody would pay A&F price for Express.
@@ruthlessluder The issue is you can find the styles sold at Express for much cheaper elsewhere. Funny the analyst spoke about Express having too much inventory and having to take losses on sales...because even when their stores have sales, the marked-down prices are still RIDICULOUS.
Quality I can't speak too much for.
ambercrombie isnt about the price , is the aesthetic. express clothes are boring and outdated, while ambercrombie has many trendy pieces and fit
Interesting the segment mentioned nothing about leadership post Weiss and attributed the debt to the pandemic, or about WHP’s preexisting ownership in Express before the consortium or the hundreds of workers let go last month in a state that offers no severance protection in cases of mass layoffs.
How do mall stores survive survive anyways? #moneylaundry lollll