Cloth­ing re­tailer Ex­press to close its 17 Cana­dian stores

The Hamilton Spectator - - BUSINESS - THE CANA­DIAN PRESS

Ex­press Inc. says it’s clos­ing its 17 Cana­dian stores in On­tario, Al­berta and Bri­tish Columbia.

The Amer­i­can cloth­ing re­tailer says it will dis­con­tinue its Cana­dian op­er­a­tions through its sub­sidiary, Ex­press Fash­ion Ap­parel Canada Inc.

Store clos­ing sales will be­gin in the mid­dle of the month.

There is an Ex­press store in Hamil­ton’s CF Lime Ridge Mall. The other On­tario lo­ca­tions are in the Toronto area, plus an out­let store in Ni­a­gara Falls.

The com­pany’s CEO, David Korn­berg, said in a state­ment that the chal­leng­ing Cana­dian retail en­vi­ron­ment and un­favourable ex­change rates pre­vented the com­pany from meet­ing its ex­pec­ta­tions in Canada when it en­tered the market in 2011.

Back then, the com­pany planned to in­tro­duce more than 50 Cana­dian stores over five years.

Dur­ing the com­pany’s last fi­nan­cial year ended Jan. 28, Ex­press Canada recorded net sales of about US$34 mil­lion and con­trib­uted a US$6 mil­lion net loss to Ex­press Inc.

Ex­press op­er­ates 635 stores in the U.S. and sev­eral lo­ca­tions in Puerto Rico.

Newspapers in English

Newspapers from Canada

© PressReader. All rights reserved.