Express (Columbus, Ohio) is awaiting a $52 million CARES Act payment, according to CEO Stewart Glendinning in a memo on Wednesday. The payment would help the retailer’s long-term liquidity.
This follows concerns that Express retained debt restructuring firms and that a bankruptcy filing could be imminent, according to a report from the Wall Street Journal on Monday. The retailer also expects a $5 million reduction in its 2022 income taxes.
“Headlines rarely tell the full story, and I want you to be armed with the facts,” Glendinning said in the memo. “We have made tremendous progress in our transformation over the past several months: We implemented a series of cost-savings initiatives, made changes to our workforce and streamlined our processes to enhance the efficiency of our operations.”