Express Files for Chapter 11, Closing 95 Stores Amid Sale Talks

Apr 22, 2024, 03:09 PM

Express Inc., a prominent U.S. retail clothing chain, has filed for Chapter 11 bankruptcy protection and announced plans to close approximately 95 of its stores and all UpWest locations. The company, known for its business casual apparel, has struggled with a failed turnaround effort amidst changing consumer preferences towards casual and comfort wear. Express aims to reduce its operational footprint from over 500 stores as it seeks to manage roughly $1.2 billion in debt. Additionally, a consortium led by WHP Global, Simon Property Group, and Brookfield Properties has expressed interest in acquiring the brand, which could potentially save a significant portion of its operations. Closing sales at these locations are set to begin on April 23, and the company will also shed around 2,660 employees.