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Market
Workforce reduction at Express by end of 2024
5
Resolution / Starting Odds
Reduction less than 25% • 25%
Reduction 25%-50% • 25%
Reduction 51%-75% • 25%
Reduction more than 75% • 25%
Company press releases, SEC filings, and employment reports
Story
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.
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Majority rehired within Express • 25%
Majority rehired in other companies • 25%
Majority remain unemployed • 25%
Other outcomes • 25%
Debt fully restructured • 33%
Partial debt restructuring • 33%
Debt situation worsens • 34%
Reorganization • 33%
Liquidation • 33%
Acquisition by another company • 34%
Significant reduction in operating expenses • 33%
Moderate reduction in operating expenses • 33%
Minimal or no reduction in operating expenses • 34%
Continues as independent brand • 25%
Rebranded under new ownership • 25%
Merged with another brand • 25%
Dissolution of the brand • 25%
0-50 stores • 25%
51-100 stores • 25%
101-150 stores • 25%
151 or more stores • 25%
Less than 5% reduction • 25%
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More than 15% reduction • 25%
