Fashion retailer Express Inc has filed for Chapter 11 bankruptcy in the United States and announced plans to close more than 100 stores, the company revealed on Monday. The retailer, known for its brands Express, Bonobos, and UpWest Express, disclosed assets and liabilities ranging from $1 billion to $10 billion in a filing with the bankruptcy court in Delaware.
Mark Still has been appointed as the new CFO, effective immediately, after serving as interim CFO since November 2023. As part of the bankruptcy process, Express will shutter approximately 95 Express retail stores and all UpWest stores, beginning Tuesday, although specific locations were not disclosed.
With around 530 Express retail and Express Factory Outlet stores in the US and Puerto Rico, as well as 12 UpWest retail stores, the company has faced challenges due to soft consumer demand and increased price sensitivity in discretionary categories. Express has secured $35 million in new financing from existing lenders to support its operations during the bankruptcy proceedings.
Despite the bankruptcy filing, Express intends to continue business as usual while initiating a court-supervised process to facilitate a formal sale. The company has received a non-binding letter of intent from a consortium led by WHP Global for the sale of a significant majority of its retail stores and operations. WHP Global, a brand management firm with stakes in Toys “R” Us and Anne Klein, acquired a 7.4% stake in Express last year.