How bankruptcy saved Express [CNBC]
Simon Property Group, Inc. (SPG)
Last simon property group, inc. earnings: 2/4 07:30 am
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Source: CNBC
In recent years, Express has been squeezed by thin margins and declining shopping mall traffic, combined with the rise of the athleisure category during the pandemic. What's more, cheaper fast-fashion alternatives like Shein and Primark have taken market share from the brick-and-mortar retailer. “Every time these kinds of expansions came through, they were cheaper than Express. Yes, the product wasn't as well built, but the customer didn't care. And so Express's market kind of kept on shrinking and it became much harder to sell fashion and to sell it at an affordable price,” said Eric Beder, CEO of Small Cap Consumer Research. CNBC reported that Express was struggling to pay its vendors on time at the end of 2023 and beginning of 2024. By April, the company filed for Chapter 11 bankruptcy protection Bankruptcy has helped Express to stay in business, get out of old leases and even given it a chance to revive its fortunes. A group of investors led by brand management firm WHP
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News
- Simon Property Group, Inc. (NYSE: SPG) was downgraded by analysts at Piper Sandler from a "strong-buy" rating to a "hold" rating.MarketBeat
- Introducing ShopSimon™: Brands You Love. On Sale. 24/7. [Yahoo! Finance]Yahoo! Finance
- Introducing ShopSimon™: Brands You Love. On Sale. 24/7.PR Newswire
- Simon® to Present at BofA Securities 2024 Global Real Estate ConferencePR Newswire
- Retail REITs: Steady consumer spending underpinned improved Q2 demand for shopping spaces [Seeking Alpha]Seeking Alpha
SPG
Earnings
- 8/5/24 - Miss
SPG
Sec Filings
- 8/30/24 - Form 4
- 8/30/24 - Form 4
- 8/30/24 - Form 4
- SPG's page on the SEC website