Express, a once popular workwear retailer, has officially filed for Chapter 11 bankruptcy protection in the U.S. The company announced that it will be closing 100 stores across the country as part of its restructuring plan. Assets and liabilities are estimated to be between $1 billion to $10 billion.
Express’ portfolio includes well-known brands such as Express, Bonobos, and UpWest. The company recently acquired Bonobos, a menswear company, in May 2023 from Walmart Inc. in a joint acquisition with WHP Globals for $75 million.
Stewart Glendinning, CEO of Express, stated, “We continue to make meaningful progress refining our product assortments, driving demand, connecting with customers, and strengthening our operations.” He emphasized that the company’s primary focus will be on providing customers with the styles and value they expect.
The company currently operates 530 Express brand and Factory Outlet stores across the U.S. and Puerto Rico, but has not disclosed which locations will be closing. All five UpWest locations will be shuttered as part of the restructuring.
Mark Still has been appointed as the permanent CFO of Express, a position he has been serving in on an interim basis since November 2023. Stores are set to begin closing on April 23.
Express, founded in 1980, gained popularity as an affordable destination for office wear during the shopping mall era in the U.S. The company’s decision to file for bankruptcy protection reflects the challenges faced by traditional retailers in an increasingly competitive market.