Jan. 22 (UPI) -- Apparel retailer Express announced the closure on Wednesday of 100 of its 650 U.S. stores by 2022, with 31 slated to close this month.
A fixture in shopping malls, the company aims at the 20-29 age demographic. In a quarterly report Wednesday, Express said it expects a $90 million decline in revenue by the time the closures take effect, but it expects a sales boost through its online presence. The combination of reduced operating costs and the anticipated improvement in online sales should result in a "$15 million annualized increase in earnings," the report said.