Fashion retailer Express Inc has filed for Chapter 11 bankruptcy in the United States, announcing plans to close over 100 stores, including its brands Express, Bonobos, and UpWest Express. The company listed assets and liabilities between $1 billion to $10 billion in its bankruptcy filing.
Mark Still has been appointed as the new CFO of Express, effective immediately, after serving as interim CFO since November 2023. As part of the bankruptcy process, the company will close approximately 95 Express retail stores and all UpWest stores, starting Tuesday.
Express currently operates around 530 retail and outlet stores in the US and Puerto Rico, along with 12 UpWest retail stores. The retailer, launched in 1980, has been struggling with soft consumer demand due to slowing spending patterns and increased price sensitivity in discretionary categories.
Despite the bankruptcy filing, Express has secured $35 million in new financing from existing lenders. The company plans to continue business as usual while undergoing a court-supervised process to facilitate a formal sale.
A consortium led by WHP Global has expressed interest in acquiring a substantial majority of Express’s retail stores and operations. WHP Global, known for owning Toys “R” Us and fashion labels like Anne Klein, took a 7.4% stake in Express last year.
The news of Express’s bankruptcy filing and store closures comes as a significant development in the retail industry, signaling the challenges faced by traditional brick-and-mortar stores in the current economic climate.