Fashion retailer Express Inc has announced that it has filed for Chapter 11 bankruptcy in the United States, a move that will result in the closure of more than 100 stores. Among the stores set to close are 95 Express retail stores and all UpWest stores.
The company has listed assets and liabilities in the range of $1 billion to $10 billion as part of the bankruptcy filing. Express Inc has also secured $35 million in new financing from existing lenders to help facilitate the restructuring process.
As part of the restructuring, Mark Still has been named as the new CFO of Express Inc. The company expects to conduct business as usual during the court-supervised process.
A consortium led by WHP Global has submitted a non-binding letter of intent for the sale of a substantial majority of Express Inc’s retail stores and operations. The company currently operates around 530 Express retail and Express Factory Outlet stores in the United States and Puerto Rico, as well as approximately 12 UpWest retail stores.
Express Inc has been facing challenges in recent years, with soft consumer demand and increased price sensitivity in discretionary categories contributing to its financial struggles. The company, which launched in 1980, has been unable to adapt to changing market conditions, ultimately leading to the bankruptcy filing.
Despite its current financial difficulties, Express Inc remains optimistic about its future and is confident that it will emerge from the restructuring process stronger than ever.
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