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Sunday, May 19, 2024

Express, clothing retailer, seeks bankruptcy protection and plans to shut down more than 100 outlets


NEW YORK — In a significant development in⁤ the ‍retail industry, ⁣fashion giant Express has announced its filing for ​Chapter 11 bankruptcy. The company also revealed plans to shut down over 100 of its stores, as per the statement released on Monday.

Express, a renowned retailer with a diverse portfolio that includes brands like Bonobos and UpWest Express, has declared assets and liabilities ranging between $1 billion and $10 billion. This information was disclosed‍ in a document submitted to​ the bankruptcy court in Delaware.

In a simultaneous announcement, ⁢the company introduced Mark Still as its new CFO, ⁤effective immediately. Still has been serving as the ⁣interim⁢ CFO since​ November 2023.

As a part of the bankruptcy proceedings, Express will‍ be closing down ‍approximately 95 of its retail stores and⁣ all UpWest stores, starting Tuesday. However, the company did not provide any details regarding the specific locations of these⁣ stores.

Express currently operates around 530 retail and ‌Express Factory Outlet stores across the‍ United States, including Utah, and Puerto Rico. Additionally, it runs about 12 UpWest​ retail stores, as per the information available on its website.

Established in 1980,‍ Express has been grappling with‍ a decline ⁢in consumer demand, attributed to a slowdown in spending patterns and heightened price sensitivity in discretionary⁢ categories.

Despite the bankruptcy filing, Express has managed to secure a commitment for $35 million in fresh financing from some of its existing lenders.

The multi-brand fashion retailer expressed its⁤ intention to continue business operations as usual while it initiates a court-supervised process to facilitate a formal ⁤sale process.

On Monday, Express also announced ⁢that it received a non-binding ​letter⁤ of ⁤intent from a consortium led by WHP Global for ⁤the⁤ sale of a substantial majority of its retail⁢ stores ⁤and operations.

WHP Global, a brand management firm that ⁣owns Toys “R” Us‍ and fashion labels such as Anne Klein, acquired a 7.4% stake in Express last year.

Truth Media Network
Truth Media Network
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