(Source-Joe Raedle_Getty Images North America_Getty Images)
The Express store located at Gateway Mall is set to shutter its doors as part of the company’s Chapter 11 bankruptcy filing and subsequent sale. On Monday, the clothing retailer disclosed its intention to file for bankruptcy while also revealing plans for a sale to WHP Global, alongside mall landlords Simon Property Group and Brookfield Properties.
As a consequence of the bankruptcy proceedings and impending sale, Express announced the closure of nearly 100 stores, including the Gateway Mall location. Although an exact closing date was not specified, liquidation sales commenced on Tuesday at all affected stores. Notably, Express maintains its presence in Omaha with a store, as well as an outlet store at Nebraska Crossing in Gretna, both of which will remain operational for the time being.
This development marks the second departure of a national retail chain from Gateway Mall this year, following Eddie Bauer’s closure in January. Meanwhile, in a separate realm of commerce, a coalition of US solar manufacturers has taken significant action by petitioning the federal government to impose tariffs on imports from four Southeast Asian nations.
Bankruptcy and Sale Plans
First Solar and six other manufacturers allege that companies in Cambodia, Malaysia, Thailand, and Vietnam are flooding the US market with inexpensive solar products, posing a threat to domestic industry. The petition, submitted to the International Trade Commission (ITC) and the Commerce Department, seeks a determination of harm to the domestic solar industry and the imposition of tariffs on imports from the aforementioned nations.
Upon news of the petition, shares of First Solar surged over 1%. The targeted companies, predominantly based in China, allegedly benefit from subsidies facilitated by the Chinese government’s Belt and Road Initiative, channeled through Southeast Asian nations.
Tim Brightbill, lead attorney for the petitioning manufacturers, emphasized the enforcement of existing trade laws rather than seeking preferential treatment. He highlighted the Commerce Department’s previous findings, suggesting circumvention of tariffs by Chinese producers through manufacturing relocation.
Impact on Solar Industry as US Manufacturers Petition for Tariffs
The manufacturers’ move has prompted mixed reactions within the US solar industry. While some express concern over potential market volatility and job losses, others view tariffs as necessary to protect domestic interests and achieve clean energy goals. Array Technologies, a solar tracking technology manufacturer, voiced opposition, citing potential setbacks to clean energy deployment and manufacturing objectives.
The global solar industry has experienced significant turbulence, with plummeting panel prices and supply chain imbalances exacerbating market dynamics. Treasury Secretary Janet Yellen signaled the Biden administration’s willingness to address subsidized clean energy exports from China, indicating potential tariff imposition following the completion of investigations. The ITC and Commerce Department are expected to conclude their investigations within 12 months, with preliminary determinations anticipated in four to six months. The outcome of these proceedings will significantly impact the trajectory of the US solar industry, shaping its competitiveness and sustainability in the global market landscape.
