Fashion retailer Express Inc has filed for Chapter 11 bankruptcy in the United States and plans to close over 100 stores, according to an announcement on Monday. The company, which includes brands like Express, Bonobos, and UpWest Express, disclosed assets and liabilities in the range of $1 billion to $10 billion in a filing with the bankruptcy court in Delaware.
Mark Still has been named as the new CFO, effective immediately, after serving as interim CFO since November 2023. As part of the bankruptcy process, Express will close approximately 95 Express retail stores and all UpWest stores, starting Tuesday, although specific locations were not specified.
Express currently operates about 530 Express retail and Express Factory Outlet stores in the United States and Puerto Rico, along with approximately 12 UpWest retail stores, according to its website. Established in 1980, Express has been grappling with weak consumer demand due to slower spending habits and increased price sensitivity in discretionary categories.
To support its operations, Express has secured a commitment for $35 million in new financing from existing lenders. The company intends to continue operating normally as it begins a court-supervised process to facilitate a formal sale process. Express also announced it has received a non-binding letter of intent from a consortium led by WHP Global for the sale of a substantial majority of its retail stores and operations.
WHP Global, a brand management firm that owns Toys "R" Us and fashion labels like Anne Klein, acquired a 7.4% stake in Express last year.
