American fashion retailer Express Inc. has announced that it has filed for Chapter 11 bankruptcy and plans to liquidate more than 100 locations.
In a petition with the Delaware bankruptcy court, the retailer—whose portfolio includes brands including Express, Bonobos, and UpWest Express—listed assets and liabilities between US $ 1 billion and US $ 10 billion.
Additionally, the business announced Mark Still as its new CFO, starting right away. Since November 2023, the executive has functioned as the temporary CFO.
The company said that it will close all of its UpWest stores and about 95 Express retail outlets as part of the bankruptcy process. The locations were not disclosed.
According to its website, the company runs roughly 12 UpWest retail stores in addition to about 530 Express retail and Express Factory Outlet stores across the United States and Puerto Rico.
Express, which was established in 1980, has been struggling with weak consumer demand as a result of declining spending trends and heightened price sensitivity in sectors that are discretionary.
Some of Express’s current lenders have committed to providing US $ 35 million in new funding, the company announced.
The multi-brand fashion company stated that it plans to carry on with business as usual while starting the formal sale procedure under judicial supervision.
The firm said that it has received a fresh non-binding letter of intent for the sale of a significant portion of its retail shops and operations, led by WHP Global.
Last year, Toys “R” Us and fashion brands like Anne Klein were owned by brand management company WHP Global, which also acquired a 7.4% share in Express.