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Fashion retailer Express Inc. has filed for Chapter 11 bankruptcy in the United States and declared its intention to close more than 100 stores, including all of its UpWest stores.
Express Inc., which operates brands like Express, Bonobos, and UpWest, disclosed assets and liabilities ranging from $1 billion to $10 billion in its default filing. Mark Still has been appointed as the new CFO, effective immediately.
Starting Tuesday, the company plans to shutter approximately 95 Express retail stores and all UpWest stores. However, specific store locations slated for closure were not provided.
Express operates about 530 Express retail and Express Factory Outlet stores in the US and Puerto Rico and around 12 UpWest retail stores.
Founded in 1980, Express has faced challenges stemming from soft consumer demand, characterized by slowing spending and increased price sensitivity in discretionary categories.
To address its financial woes, Express secured a commitment for $35 million in new financing from existing lenders. Despite the bankruptcy filing, the company aims to continue operations while initiating a court-supervised process to facilitate a formal sale.
Express revealed that it had received a non-binding letter of intent from a consortium led by WHP Global to sell most of its retail stores and operations. WHP Global, a brand management firm investing in companies like Toys “R” Us and Anne Klein, acquired a 7.4% stake in Express last year.
As Express navigates through Chapter 11 bankruptcy proceedings, its focus remains on restructuring its business operations to ensure sustainability amid challenging market conditions.
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