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Express Inc. Files for Bankruptcy, Plans Over 100 Store Closures

Apr 22, 2024, 02:08 PM

Express Inc., a prominent clothing retailer known for its business casual apparel, has filed for Chapter 11 bankruptcy protection in the United States. The company plans to close more than 100 stores, including all of its UpWest locations, and lay off approximately 2,660 employees. This move comes as part of a restructuring effort to manage its roughly $1.2 billion in debt. Express has received a non-binding letter of intent for the sale of its operations from a consortium led by WHP Global, Simon Property Group, and Brookfield Properties. The store closures and layoffs are part of a broader trend of declining mall traffic and a shift in consumer preferences towards casual and comfort wear.