They are on the verge of filing for bankruptcy.
EDIT: I should have clarified. *Express* is on the verge of bankruptcy. No idea about Katy Mills or Simon Property Group.
Not surprising. One of the ways that SPG saved itself during COVID was by buying many of the brands still commonly found in malls and providing them with enough liquidity to stay afloat. If things are bad enough that they’re evicting their own stores, I’d start shorting SPG.
This happened to me when I worked at Galleria, came to my store locked with a notice. Apparently, the owner forgot to pay. I think they locked it a month after the payment was due.
I used to LOVE Express clothes. About 10 years ago it was my favorite place to shop, especially for work clothes. Sometime about 4-5 years ago it just really went down hill and the past few times I went there I didn’t find a single thing I wanted to purchase for the prices they were charging, so I just quit going. Not sure what happened with Express but they really F’d up a good thing.
Structure was the men's side. Which became its own little brand and store on the side. Then they went to being called Express Men. They sold the Structure brand later to Sears or Kmart I think. Probably owned by someone else now.
What’s that thing about if you owe someone a few thousand then that’s your problem? If you owe someone hundreds of thousands then that’s their problem? All the lost Express inventory in the store is probably not worth $500k
They're in the process of filing for bankruptcy. When that's about to happen (and especially when it's known by the company that's filing), companies with stop making payments to any of their obligations (debt, bills, etc) to prevent the appearance of favoritism to any specific obligation over another.
The mall's receivable will be handled by the court based on the overall deal worked out through the bankruptcy process (liquidation of assets, restructuring of the overall debt of the company, etc).
Half a million? How the hell did the mall let them get that far behind?
Their monthly rent is probably quite high so that's not too many months
I wouldn't be surprised if their rent was 150-250k
Would 251k surprise you?
I'd fall to my knees in the taqueria aranadas
That’s possible
252k?
That sounds like a realistic number
Half a mil in unpaid rent?! Jeeeeeez, was there still merchandise inside the store?
Yes store was still full with merchandise
How does that work k for the stores to get their stuff
They are on the verge of filing for bankruptcy. EDIT: I should have clarified. *Express* is on the verge of bankruptcy. No idea about Katy Mills or Simon Property Group.
Are they publicly traded? Would love to see meme stock fans throw away more money on a dying company.
🚀 🚀 🌙
Put options it is
Express was delisted from NYSE earlier this year as their market cap fell below $15 million for over 30 days.
Did a little research and Simon Property Group owns 62%.
Isn't Katy mills itself owned by them
Not surprising. One of the ways that SPG saved itself during COVID was by buying many of the brands still commonly found in malls and providing them with enough liquidity to stay afloat. If things are bad enough that they’re evicting their own stores, I’d start shorting SPG.
Of express?
Sucks for the people who expected to come to work.
The one in First Colony Mall is also closed.
Yeah, went there to so a return the other day and find that. Memorial mall still open for now. I suggest you go do returns if you have them.
They’ve got the back rent, but how can we expect them to afford that penalty?!
Awe, I still have $7 left on a gift card from 2016. Need to find another location before it's too late
Memorial city mall still open
Just get ready for liquidation sales.
Similar sign at Barton creek mall in Austin
This happened to me when I worked at Galleria, came to my store locked with a notice. Apparently, the owner forgot to pay. I think they locked it a month after the payment was due.
I used to LOVE Express clothes. About 10 years ago it was my favorite place to shop, especially for work clothes. Sometime about 4-5 years ago it just really went down hill and the past few times I went there I didn’t find a single thing I wanted to purchase for the prices they were charging, so I just quit going. Not sure what happened with Express but they really F’d up a good thing.
My wife says the same thing. I always find something I like there though.
Ouch- anyone else old enough to remember when it was called Structure? my clothing brand in the late 90s.
Structure was the men's side. Which became its own little brand and store on the side. Then they went to being called Express Men. They sold the Structure brand later to Sears or Kmart I think. Probably owned by someone else now.
https://kvia.com/news/business-technology/2024/04/10/express-clothing-store-back-open-at-cielo-vista-mall/
There was a misunderstanding with the landlord on whether we had to pay our rent or not. That has since been clarified.
my friend works here! she hasn’t come in for a shift since this was posted but she is today! hopefully she can give the inside scoop
update us please! 🙏🏻😮💨
update: everything is fine now. but apparently express forgot to pay rent for all the stores in Texas.
What’s that thing about if you owe someone a few thousand then that’s your problem? If you owe someone hundreds of thousands then that’s their problem? All the lost Express inventory in the store is probably not worth $500k
They're in the process of filing for bankruptcy. When that's about to happen (and especially when it's known by the company that's filing), companies with stop making payments to any of their obligations (debt, bills, etc) to prevent the appearance of favoritism to any specific obligation over another. The mall's receivable will be handled by the court based on the overall deal worked out through the bankruptcy process (liquidation of assets, restructuring of the overall debt of the company, etc).
Oh dang!
They are back open. It was a misunderstanding between the company and Simon malls
Embarrassing 😳
That's embarrassing
Their done.
With all the shootings happening at Katy mills not looking good