- Express Inc filed for bankruptcy after struggling with slowing consumer demand
- Starting Tuesday, 95 Express locations and 12 UpWest stores will close.
- It is the latest retail casualty after 99 Cents Only said it would close all stores.
Fashion retailer Express has filed for Chapter 11 bankruptcy and intends to close more than 100 stores.
The retailer, whose portfolio includes brands such as Express, Bonobos and UpWest Express, listed assets and liabilities in the range of $1 billion to $10 billion, according to a filing filed Monday in Delaware bankruptcy court.
As part of the bankruptcy process, the company will close approximately 95 Express retail stores and its 12 UpWest stores starting Tuesday. He did not specify which locations would close.
Launched in 1980, Express was once a destination for well-priced office wear, but has been struggling with weak consumer demand due to slowing spending and increased price sensitivity.
UpWest, the company’s lifestyle spinoff brand, launched in 2019 and sold casual wear and sleepwear for men and women.
Fashion retailer Express has filed for Chapter 11 bankruptcy and intends to close 95 Express locations in the US.
Express manages the UpWest brand. All 12 stories will now close, according to a statement from the company.
Chapter 11 will allow the company to continue operating while it restructures its debt.
All of its brands’ online platforms will continue to accept orders, process returns and redeem gift cards, the company said.
Express also appointed Mark Still as its new chief financial officer, effective immediately. The executive has served as interim CFO since November 2023.
Express has received a commitment of $35 million in new financing from some of its existing lenders, it said.
The company said Monday it received a non-binding letter of intent from a consortium led by WHP Global for the sale of a substantial majority of its stores and retail operations.
WHP owns brands including Toys ‘R’ Us, Isaac Mizrahi and Rag & Bone.
Express operates about 530 Express and Express Factory Outlet retail stores in the U.S. and Puerto Rico and about 12 UpWest retail stores, according to its website.
Express launched in 1980 and was once a hot spot for well-priced office attire, but has been struggling with weak consumer demand in recent years.
“We continue to make significant progress refining our product range, driving demand, connecting with customers and strengthening our operations,” CEO Stewart Glendinning said in a statement.
“We are taking an important step that will strengthen our financial position and allow Express to continue advancing our business initiatives,” he added.
Its bankruptcy comes after discount retailer 99 Cents Only announced it would close its 371 locations.
Brick-and-mortar stores in the United States are struggling to combat rampant theft and increasingly tight margins.
In March, sewing and craft retailer Joann filed for Chapter 11 bankruptcy.