Shares of mall-based clothing chain Express plunged more than 20 percent after it admitted to liquidity concerns as the pandemic had tanked demand for work attire.

The 40-year-old retailer reported a net loss of $90.3 million and a comparable-sales decline of 30 percent in the quarter ended Oct. 31. Express said it is “aggressively” pursuing new measures to raise more cash and expects to realize about $550 million in liquidity benefits including $440 million in 2020.

Columbus, Ohio-based Express said it just slashed 10 percent of its workforce, which should save the company $13 million next year.

“We have effectively managed that which was within our control,” chief executive Tim Baxter said in a statement. “And as I look ahead, I am optimistic about our ability to deliver improved results and cautious about the continued uncertainty brought about by the current environment.”

Express, which was originally part of Limited Brands, operates more than 600 stores in the US. In January, it announced that it would close 100 stores over the next two years as part of a restructuring plan.

In September it received notice from the New York Stock Exchange that it was not in compliance with its listing criteria to maintain an average closing share price of at least $1 over 30 consecutive trading days. 

Express shares were recently trading at $1.20, off 24 percent.

“We are in the early stages of our strategic transformation,” Baxter said in a statement at the time.  ““We are confident in our strategy based on the early consumer response to our product and brand vision. We believe that this, combined with the significant cost saving actions we have taken, will put us back on The EXPRESSway Forward.”