Managing Director GlobalData Neil Saunders announced the bankruptcy of the American retail store chain Express Monday, as the company failed to secure customer attention, rendering the destination inevitable, according to CNN report.
However, Express said that the company will continue accept and fulfil all the orders it received alongside the customer benefit services.
“With the company struggling to gain traction with consumers, it has been obvious for quite some time that bankruptcy was the inevitable destination for Express,” Saunders said in a note.
He added: “The woes at Express are not all of its own making. The formal and smart casual market for both men and women has softened over recent years because of a rise from working from home and the casualisation of fashion.”
“This puts Express firmly on the wrong side of trends and, in our view, the chain made too little effort to adapt.”
Saunders also admitted and underlined the cause of failing, and blamed it to overpriced products compared to its competitors.
“As a result, the Express brand itself has become less relevant to shoppers,” he said.
“We continue to make meaningful progress refining our product assortments, driving demand, connecting with customers and strengthening our operations,” Stewart Glendinning, Express Inc CEO, said in a statement.
“We are taking an important step that will strengthen our financial position and enable Express to continue advancing our business initiatives.”
