Express Inc, a once-popular retailer known for its casual office attire, has filed for Chapter 11 bankruptcy protection. The company, based in Columbus, Ohio, and founded in 1980, is seeking to sell the majority of its stores, including its Bonbons and UpWest brands.
In a move to streamline its operations, Express is closing 95 of its Express retail stores and all 10 of its UpWest stores. This decision comes as the company faces increasing competition from fast fashion giants like Zara and H&M, as well as the changing consumer landscape brought on by the pandemic.
Express has received a non-binding letter of intent from a group led by consumer brand acquisition firm WHP Global to potentially purchase its stores and operations. The consortium also includes mall operators Simon Property Group and Brookfield Properties.
Express CEO Stewart Glendinning expressed optimism about the potential sale, stating that it would provide the company with additional financial resources to grow profitably. The company operates approximately 530 Express retail and Express Factory Outlet stores in the United States and Puerto Rico, as well as online operations for its brands.
With nearly $1.2 billion in total debts and $1.3 billion in total assets, Express is taking steps to restructure its business and emerge from bankruptcy stronger. The company’s decision to file for Chapter 11 reflects the challenges faced by traditional retailers in a rapidly changing retail landscape.