Multi-brand fashion retailer Express Inc. announced Monday, April 22, that it will be closing over 100 locations as it filed for Chapter 11 bankruptcy in the United States.
Since its 1980 launch, Express has reportedly seen a decline in customer demand as a result of less personal spending and more price sensitivity.
Express to Close Over 100 Clothing Stores
As part of its bankruptcy proceedings, a total of 95 Express shops and all UpWest stores will be shuttered beginning Tuesday, April 23. The company did not name specific locations. Its website states that the firm runs around 12 UpWest shops in addition to the 530 Express and Express Factory Outlet stores in the US and Puerto Rico.
According to Reuters, a petition with the bankruptcy court in Delaware indicates that the business has assets and liabilities ranging from $1 billion to $10 billion. Its portfolio includes brands such as Express, Bonobos, and UpWest Express.
Mark Still has been appointed as the new chief financial officer of the corporation, his position taking effect immediately. Since November 2023, Still has been serving as the interim CFO.
Retailer to Continue Normal Operations as Formal Sale Procedure Starts
Reportedly, some of Express' current lenders have pledged to give the company $35 million. To repay them, the firm said it plans to continue operating normally while it begins the official selling process under court supervision.
On Monday, the business revealed that a consortium headed by WHP Global has sent a non-binding letter of intent for the sale of a large portion of its retail locations and operations. The brand management company WHP Global acquired a 7.4%interest in Express just last year.
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