Retail bankruptcy filings keep coming, coffee habits change

Full Screen
1 / 3

Copyright 2020 The Associated Press. All rights reserved

Chief Yeoman Warder Peter McGowran, right, speaks on a radio flanked by Yeoman Gaoler Jim Duncan as they stand next to the gates at the main entrance before opening to visitors at the Tower of London, in London, Friday, July 10, 2020. The Tower of London reopened to visitors Friday as the British government continues to relax its coronavirus restrictions. (AP Photo/Matt Dunham)

The outbreak of the coronavirus has dealt a shock to the global economy with unprecedented speed. Following are developments Friday related to the national and global response, the work place and the spread of the virus.

________________________

RETAIL:

— Clothing company Express has reopened about 95% of its stores as of Monday. The chain anticipates the rest of its store reopening in the coming weeks.

Express currently has ship from store capabilities at more than 330 locations and buy-online-pick-up-at-a-store service enacted at more than 275 stores. It plans to have buy online pick up at store service available at all locations by the end of the third quarter. Express has more than 500 retail and factory outlet stores in the U.S. and Puerto Rico.

Comparable sales for open stores were down more than 50% in early May but improved to a decline of approximately 15% by the third week in June. Traffic was down about 65% in early May. By the third week of June, traffic was down approximately 30%.

— Muji U.S.A Ltd., the U.S. entity of Japanese retailer Ryohin Keikaku Co., has filed for Chapter 11 bankruptcy protection. In a regulatory filing, the company known for its minimalist home goods listed assets and liabilities in the range of $50 million to $100 million, and estimated the number of creditors at 200 to 999.

The company joins a growing list of businesses that have filed for bankruptcy protection during the pandemic, including Brooks Brothers earlier this week as well as J.C. Penney and J. Crew.