Express Inc. Files for Chapter 11, to Close 95 Stores, Affecting 2,660 Employees

Apr 22, 2024, 05:00 PM

Express Inc., a prominent U.S. retail clothing company, has filed for Chapter 11 bankruptcy protection, citing a significant shift in consumer preference from formal to casual attire. The company plans to close approximately 95 of its stores and all of its UpWest locations, affecting around 2,660 employees. Express reported about $1.2 billion in debt and has entered into a non-binding letter of intent with a consortium led by WHP Global, Simon Property Group, and Brookfield Properties for the sale of its stores and operations. Closing sales at these locations are set to begin on April 23.