Express, Inc. Provides Additional COVID-19 Business Updates
April 01 2020 - 6:45AM
Business Wire
Fashion apparel retailer Express, Inc. (NYSE: EXPR) today
provided an additional business update in response to the COVID-19
pandemic.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20200401005097/en/
Express storefront at Easton Town Center
in Columbus, Ohio. (Photo: Business Wire)
As announced last week, Express stores will remain closed until
further notice. The Company will continue to do its part to protect
the health and safety of our associates, our customers and the
communities in which we operate. The Company is taking the
following immediate actions to help ensure sufficient liquidity
throughout the duration of this unprecedented crisis:
- Furloughing most store associates and a number of corporate
associates, pausing pay while continuing to provide healthcare
benefits for those eligible until such time as stores are able to
reopen
- Significantly reducing expenses, capital expenditures and
inventory receipts
- Suspending merit pay increases for 2020
- Freezing hiring for the duration of this crisis
"These decisions should allow us to emerge from the current
crisis in a position to continue our strategic transformation and
achieve our previously stated goal of long-term profitable growth,"
said Tim Baxter, Chief Executive Officer. "The specific actions
that affect our people are necessary but are also the most
difficult. We are doing all we can to provide support to these
associates during this time and hope to have our teams and
customers back in stores as soon as possible."
The Company will continue to follow the guidance of local, state
and federal governments, as well as health organizations, as to
when it can safely reopen its stores. The Express website and
mobile app remain available to customers.
About Express, Inc.:
Express is a leading fashion brand for women and men. Since
1980, Express has provided the latest apparel and accessories to
help customers build a wardrobe for every occasion, offering
fashion and quality at an attractive value. The company operates
retail and factory outlet stores in the United States and Puerto
Rico, as well as an online destination. For more information,
please visit www.express.com.
Forward-Looking Statements:
Certain statements in this press release are “forward-looking
statements” made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements include any statement that does not directly relate to
any historical or current fact. Forward-looking statements are
based on our current expectations and assumptions, which may not
prove to be accurate. These statements are not guarantees and are
subject to risks, uncertainties, and changes in circumstances that
are difficult to predict, and significant contingencies, many of
which are beyond the Company's control. Important factors that
could cause actual results to differ materially from these
forward-looking statements are detailed in the Company’s Annual
Report on Form 10-K for the fiscal year ended February 1, 2020. We
undertake no obligation to publicly update or revise any
forward-looking statement as a result of new information, future
events, or otherwise, except as required by law.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200401005097/en/
Investor Contact: Dan Aldridge daldridge@express.com (614)
474-4890
Media Contact: Alysa Spittle aspittle@express.com (614)
474-4745
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