Express Files for Chapter 11 Bankruptcy, Closing Stores


The once bustling workwear retailer Express officially filed for Chapter 11 bankruptcy protection in the U.S. on Monday.

The retailer will close 100 stores across the country, court documents filed in Delaware said. Assets and liabilities listed are estimated to cost between $1 billion to $10 billion.

Express’ portfolio includes brands such as Express, Bonobos, and UpWest. The company most recently acquired Bonobos, a menswear company, in May 2023 from Walmart Inc. in a joint acquisition with WHP Globals for an estimated $75 million.

Related: Walmart Sells Bonobos at $235 Million Loss

“We continue to make meaningful progress refining our product assortments, driving demand, connecting with customers, and strengthening our operations,” said Stewart Glendinning, Express CEO, in a company statement. “We are taking an important step that will strengthen our financial position and enable Express to continue advancing our business initiatives. WHP has been a strong partner to the Company since 2023, and the proposed transaction will provide us additional financial resources, better position the business for profitable growth, and maximize value for our stakeholders.”

Glendinning said that the company’s primary priority will continue to be “providing our customers with the contemporary styles and value they expect from us” and that the company will operate business as usual both online and in-store.

It’s estimated that Express operates 530 Express brand and Factory Outlet stores across the U.S. and Puerto Rico. The company has not yet disclosed what locations will be closing.

The company will shutter all five of its UpWest locations.

Express was founded in 1980 and quickly gained popularity as an affordable destination for office wear for women and men, especially during the peak of the shopping mall era in the U.S.

The move will also place Mark Still as permanent CFO, effective immediately, a position he has been serving in the interim since November 2023.

Related: Bonobos CEO Abruptly Steps Down After 3 Months on the Job

Stores will begin closing on April 23.



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *