Express reportedly hired services of investment bank Lazard Frères for raising financing to get through the coronavirus pandemic.
According to Chief Executive Timothy Baxter’s comments to the Wall Street Journal , Express is not considering a bankruptcy filing; Baxter said the retailer continues to take “decisive and appropriate action” for liquidity management throughout the pandemic."
Baxter said Express "has several possible options to enhance liquidity as it moves into 2021."
Citing people familiar with the matter, the Journal indicated that Express is looking to boost its cash reserves until enough of the U.S. population is vaccinated against COVID-19 so as to allow more shopping at physical stores and to resume office work. Without sufficient financing, the company could experience a cash shortage, as hinted in the report.
Earlier this month, the company posted a fiscal third quarter loss that came in wider than expected. It also mentioned that it had cut 10% of workforce at its corporate office in Columbus .