Express, Inc. announced that it will close 100 stores - none in central Ohio - and initiate an $80 million cost-saving program as part of an effort to boost profit. These moves are designed to improve sales and increase margins, as well as cut costs. The company said it will close 100 stores by 2022, including those closed in 2019. Thirty-one of those will be by the end of next week and 35 more by the end of January 2021. The retailer currently has about 600 stores. The closings will reduce sales by $90 million by 2022, but the retailer expects that will be offset by eliminating the costs of running the stores while increasing sales at the remaining stores and online. Of the $80 million in savings, $55 million will come primarily from the job cuts that Express said last week will be made at its Columbus headquarters and its design studio in New York City. The cuts will amount to about 10% of the workforce at those locations, counting positions that are open and won't be filled.
Express, Inc. is a multi-brand fashion retailer. The Companyâs business includes an omnichannel operating platform, physical and online stores, and a multi-brand portfolio that includes Express and Bonobos. The Company operates Express retail and Express Factory Outlet stores in the United States and Puerto Rico, the Express.com online store and the Express mobile app; and Bonobos Guideshop locations and the Bonobos.com online store. It sells its products through its online store, www.express.com, its mobile app, as well as through franchisees who operate Express locations in Latin America. It also sells gift cards in its stores, on its e-commerce Website, and through third parties. It utilizes facilities for the distribution of its products, both of which are owned and operated by third parties. Virtually all the merchandise sold in its stores and on its Website is received and processed at a central distribution facility in Columbus, Ohio.
EXPRESS, INC. 
