Press "Enter" to skip to content

Express Files for Chapter 11 Bankruptcy

Photo: Joe Raedle/Getty Images

Express filed for Chapter 11 bankruptcyReuters reported on Monday, and announced plans to close about 100 stores. 

According to court filings made in Delaware, the fashion retailer estimates its assets and liabilities range from $1 to $10 billion. (In addition to the Express brand, it also has Bonobos and UpWest Express in its portfolio.) The company will start shuttering stores on Tuesday. Mark Still was named the new CFO, having served as interim CFO since November 2023.

Express has been struggling with slowing consumer spending and demand — to the point where it was delisted from the New York Stock Exchange last month. In late 2022, the company entered a partnership with brand management firm WHP Global, with a goal “to scale the Express brand through new domestic category licensing and international expansion opportunities,” according to a press release. On Monday, Express shared that it had received a non-binding letter of intent from WHP, as well as a wholly owned indirect subsidiary of Simon Property Group and Brookfield Properties, about a potential sale; it also got $35 million in new financing from existing lenders. 

“We are taking an important step that will strengthen our financial position and enable Express to continue advancing our business initiatives,” CEO Stewart Glendinning said, in a press release. “Our top priority remains providing our customers with the contemporary styles and value they expect from us.”

When reached for comment, Express shared a new website, advancingexpress.com, where it would be sharing updates.

Never miss the latest fashion industry news. Sign up for the Fashionista daily newsletter.


Source: Fashionista.com

Be First to Comment

    Leave a Reply

    Your email address will not be published.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