Fashion retailer Express plans to close dozens of stores in the next two years as it works to cut costs.
The company said it will shutter 91 locations by 2022, including 31 by the end of this month and 35 more by January 2021. Those will come on top of nine stores that closed last year, Express said.
The closures will ultimately reduce Express’ sales by $90 million, a loss that will be offset by eliminating the closed stores’ operating costs and taking advantage of the remaining stores and “online infrastructure” for extra sales, the company said in a Wednesday news release.
The closings came about a week after Express said it would lay off some corporate staffers as part of a company restructuring. The retailer said it plans to ax about 10 percent of the positions at its Columbus, Ohio, headquarters and its New York City design studio.
That restructuring is part of a plan for Express to cut $80 million in costs over the next three years under a new corporate strategy, according to the company.
Express doesn’t plan to release its full earnings figures for 2019 until March, but the company said it expects a 3 percent drop in comparable sales for the fourth quarter of last year.