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Fashion retailer Express Inc. announced on Monday that it has filed for Chapter 11 bankruptcy protection in the United States and plans to shut down over 100 stores as part of its restructuring plan.
The company, known for brands like Express, Bonobos, and UpWest, has cited assets and liabilities within the range of $1 billion to $10 billion, per the documents submitted to the Delaware bankruptcy court.
New Leadership and Financial Resuscitation
Reuters reported that Express Inc. has appointed Mark Still as the new Chief Financial Officer, effective immediately, alongside its bankruptcy filing. Still, who has been serving as the interim CFO since November 2023, steps into his new role at a critical juncture for the company. Additionally, Express has secured $35 million in new financing from its current lenders to stabilize its operations.
Strategic Store Closures
MSN noted that the bankruptcy process will witness the closure of approximately 95 Express retail outlets and all of its UpWest stores starting Tuesday. The exact locations of the stores set for closure have not been disclosed. Express operates roughly 530 retail and outlet stores across the United States and Puerto Rico, along with about 12 UpWest locations.
Facing Industry Challenges
Founded in 1980, Express Inc. has struggled against declining consumer demand due to slower spending and increased price sensitivity within discretionary spending categories. This trend has been exacerbated by broader industry challenges, including retail bankruptcies shaking the sector.
Prospective Sale on the Horizon
In a potential lifeline, Express Inc. revealed it had received a non-binding letter of intent for selling a substantial majority of its retail stores and operations from a consortium led by WHP Global. The brand management firm, which counts Toys "R" Us and Anne Klein among its portfolio, acquired a 7.4% stake in Express last year, marking its interest in the fashion retailer's future.
Express aims to continue its operations seamlessly, employing a court-supervised process to facilitate its sale and strive for a rejuvenated presence in the retail landscape amidst these significant transitional challenges.
Photo: BusinessWire
