Clothing store Express, which has dominated American malls, is filing for bankruptcy protection and intends to close dozens of stores but also has in place a plan for weathering the storm, which involves a possibility of being sold out.

Express, a well-known fashion retailer whose portfolio includes Express, Bonobos, and UpWest, is filing for Chapter 11 bankruptcy and intends to close more than 100 stores. This move will position Express for stronger growth in the future.

The last few years have been particularly tough for the company, precipitated by its inability to keep up with changing consumer tastes, leading to falling sales, stagnation, and lack of growth. The company has also struggled to diversify its offerings and compete in an oversaturated U.S. market.

Troubled Times

The first rumblings of trouble started in August 2023 when Express planned to lay off 150 employees gradually through 2024 to save $30 million. However, this was only part of a larger $120 million cost reduction effort. The cost-cutting measures are planned to be extended well into 2025. However, the latest bankruptcy filing will give the company some breathing space and help it restructure its operations and renegotiate many agreements, which will remain in effect even after the stores are closed.

Losses Surged As Sales Sank

The retail apparel chain has 95 name brand stores along with all 12 UpWest retail stores. 2023 was a particularly bad year for the company, and by October 2023, losses had amounted to $154 million, triple compared to the previous year. Inventory was up 32%, while sales tanked by 5.6%, and gross margins dropped from 30% in previous years to 21% by October 2023.

A Buyer Could Save The Situation

The intended aim of filing for bankruptcy is to inject capital that could save the company in the long term. The company has revealed that it has obtained a non-binding letter of intent from a consortium led by WHP Global (“WHP”) and participants. The consortium also includes a branch or subsidiary of Simon Property Group, L. P. (“Simon”), and Brookfield Properties, who could purchase a substantial portion of Express’ retail stores and operations. WHP Global has in the past helped to revive many ailing businesses and is adept at helping struggling companies with a clear focus and vision for success and expansion.

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The clock for TikTok to divest from Chinese parent company ByteDance or face a nationwide ban in the United States has started ticking, with the United States House of Representatives voting 360 to 58 in favor of the revised divest-or-ban legislation on TikTok on April 20.

The bill, if passed by the Senate and signed by Biden, will leave TikTok with no other option but to divest from its Chinese parent company or face a ban in the US, where it has around 170 million users.

The passage of the bill by the US House of Representatives on April 20 will be a historical occasion since it is the first time that a bill has been passed which could shut down an entire social media platform.

The bill is likely to be placed before the Senate in the coming weeks, and President Biden has already said that he will sign the bill if it is passed by the Senate, which will make the legislation a law.

The bill is the brainchild of Texas Republican representative Michael McCaul, who is well known for his hard stance and has said that the bill seeks to shield Americans, particularly kids, from the toxic influence of Chinese propaganda.

Michael McCaul said, “This bill protects Americans and especially America’s children from the malign influence of Chinese propaganda on the app TikTok. This app is a spy balloon in Americans’ phones.”

The bill was modified after a suggestion by Senate Commerce Committee Chair Maria Cantwell in March to revise certain provisions, like extending the divestment period from TikTok’s parent company ByteDance from six months to a year. The extension was necessary to ensure that the new buyer has enough time to conclude the deal.

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TikTok’s US Legal Executive Shown The Way Out

The latest passage of the bill has led to the axing of the key executive tasked with addressing US government apprehensions regarding its ties to China. The US-based general counsel for TikTok and its Chinese parent company ByteDance, Erich Andersen, was in the forefront of negotiations with US authorities over several years. TikTok was trying to allay fears that the American users’ data could be utilized by China to influence American opinion, especially with the US Presidential Elections due in November 2024.

Concerns and Responses

TikTok has been banned in many countries like India amid fears that the social media parent company is based in mainland China and could feature elements from the Chinese Communist Party. The charges have been vehemently denied by the social media platforms and said that it is committed to its independence and user privacy.

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The Oak Forest shooting has invaded all over the social media. This mass shooting incident occurred on Sunday in Chicago in the Oak Forest area. CBS news reported that four people were shot in the incident.

Near the cul-de-sac, a huge presence of police was witnessed. Reports of gunfire could also be spotted in the southwest suburbs. 

As per the reports given by the Local Media, multiple people were in critical condition after being shot in the incident. Times Now regarded the Oak Forest shooting as a domestic incident. 

Oak Forest Shooting Suspect Caught

Reportedly, a person was caught by the police.

As per local time, around 5:45 pm, the police reached the crime spot and responded to the shooting incident. Before reaching the place, the police got calls regarding gunshots which were fired in the 5500 block of Babette Court.

On the wake of this, the Oak Forest Police Department released a statement on social media which read the following.

“Upon arrival, police officers found three people with gunshot wounds. Two of the victims have life-threatening gunshot wounds and are in critical condition. A third subject sustained a non-life- threatening gunshot wound and was released from an area hospital after receiving treatment.”

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According to the police, numerous people were shot in the incident. Only one individual was arrested and taken into police custody on Sunday night, reported NBC Chicago.

A thorough investigation was launched by the Oak Forest Police Department immediately after the incident took place.

Authorities seized the entire area and declared that no more threats were sensed by the police to the public.