Express to shutter 31 stores this month, including 1 in Houston
HOUSTON – Fashion retailer Express announced this week the closure of 31 stores across 20 states this month, including one in Houston.
The Rice Village location between Kirby Drive and University Boulevard is listed as one of the stores set for closure at the end of this month.
CEO Tim Baxter says the closures are due to company downsizing and part of a cost reduction strategy aimed at boosting sales for the retailer, which sells clothing for women and men ranging from work wear to date night attire.
“My expectation is that we will return to a mid-single-digit operating margin through a combination of low-single digit comp sales growth, margin expansion and cost reductions,” he said in a statement, “this will of course take some time, but we have a clear path.”
Sales are expected to fall by 3%, and a full investor report will be released later in March.
The list of closures included another store in Harlingen, Texas, also scheduled to close this month.
The company announced Wednesday that a total of 100 stores will close by 2022. Of those 100, 35 stores are expected to close next year.
2414 University Blvd, Houston
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