Bidenomics is claiming yet another victim, this time it’s fashion retailer Express Inc., which has filed for Chapter 11 bankruptcy on Monday of this week in a court in Delaware. The company announced a plan to close over a hundred stores. Man, businesses are dropping like flies as the cost of doing business has gotten so high that it’s nigh to impossible to keep the door opens. This cost causes prices for goods and services to skyrocket, which means people buy less product and the cycle of destruction continues.
Express Inc., used to be a major rival for Zara and H&M, but alas, that is not the case today.
Here’s more from The Daily Caller:
Chapter 11 bankruptcy means that the business will be undergoing serious restructuring, according to the U.S. Courts. “Usually, the debtor remains ‘in possession,’ has the powers and duties of a trustee, may continue to operate its business, and may, with court approval, borrow new money,” the government website noted.
Express Inc. has named Mark Still as its new CEO, Reuters reported. Still was previously the interim CFO of Express Inc. since Nov. 2023, the outlet noted. Express listed its assets and liabilities in the range of $1 billion to $10 billion, according to the bankruptcy filing, Reuters reported.
Fashion retailer Express Inc has filed for Chapter 11 bankruptcy and intends to close more than 100 stores https://t.co/zoWxNoHiLx
— philip lewis (@Phil_Lewis_) April 22, 2024
Express also announced its plan to close 95 of its retail stores along with all 10 of its UpWest stores, ABC News reported. Express is a parent company of UpWest, the outlet noted. “We continue to make meaningful progress refining our product assortments, driving demand, connecting with customers and strengthening our operations,” Stewart Glendinning, Chief Executive Officer of Express, said in a press release.
“Express has a strong portfolio of brands and a premier omnichannel platform. Our top priority remains providing our customers with the contemporary styles and value they expect from us. We thank our associates for their continued hard work and commitment, and we appreciate the ongoing support of our vendors, suppliers and business partners,” Glendinning went on to say in the press release.
Express stated that the reason they filed for Chapter 11 protections was in order “to facilitate the sales process” of the company’s “retail stores and operations,” the press release stated. The company also stated that it had “received a commitment for $35 million in new financing from certain of its existing lenders” and had also “received $49 million in cash from the Internal Revenue Service related to the CARES Act” back on April 15.
If things are this bad right now, just imagine how awful they will be if Biden is given another term in the White House? Our economy is already headed swirly down the toilet bowl and it’s only going to get worse for the foreseeable future.
With the Federal Reserve printing money left and right, the interest rates not dropping, and inflation still shooting for outer space, things look pretty bleak. Not to mention the fact that even major corporations are laying off employees in droves. And this happened in just four years of Biden. Granted, many of these problems have been years in the making, but Biden put the pedal to the metal and we’re headed down the highway to hell at full plaid.
If you’ve ever seen “Space Balls,” you ‘ll get that reference. If not, well, you should watch it.
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