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Market
Outcome of Express Inc. bankruptcy sale by end of 2024
4
Resolution / Starting Odds
Acquired by WHP Global • 33%
Acquired by Simon Property Group • 33%
Acquired by another company • 34%
SEC filings, official company press releases, or major financial news outlets
Story
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.
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Reorganization • 33%
Liquidation • 33%
Acquisition by another company • 34%
Acquired by consortium • 33%
Acquired by different company • 33%
No acquisition, remains independent • 34%
Continues as independent brand • 25%
Rebranded under new ownership • 25%
Merged with another brand • 25%
Dissolution of the brand • 25%
Reorganization • 33%
Liquidation • 33%
Acquisition by another company • 34%
Majority rehired within Express • 25%
Majority rehired in other companies • 25%
Majority remain unemployed • 25%
Other outcomes • 25%
Less than 100 • 25%
100-200 • 25%
201-300 • 25%
More than 300 • 25%
Reduction less than 25% • 25%
Reduction 25%-50% • 25%
Reduction 51%-75% • 25%
Reduction more than 75% • 25%