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Express Inc. (NYSE:EXPR) — that 1990's retail mall mainstay — has been meeting with lenders to discuss restructuring the company, Bloomberg reported, citing people familiar with the matter.
The company’s cash flows are under the microscope and liquidity needs are also being discussed after it burned through more than $200M in fiscal 2022. Shares of the retailer fell as much as 22%.
Express burned through more than $200 million during its 2022 fiscal year, has lost money for five of the past seven quarters. The retailer is failing to keep up with the likes of fast-fashion behemoths like Inditex (OTCPK:IDEXY) (OTCPK:IDEXF), Shein and Temu (PDD), to say nothing of Amazon (AMZN).
The stock is down nearly 74% over the past 12 months. It has about $300M in long-term debt, including a $65M rescue loan it received in September, Bloomberg said.