Express Inc. Files for Chapter 11 Bankruptcy, Plans Closure of Over 100 Stores

Fashion retailer Express Inc. has initiated Chapter 11 bankruptcy proceedings in the United States, announcing its intention to shutter more than 100 stores as part of its restructuring efforts. The company, which encompasses brands like Express, Bonobos, and UpWest Express, cited assets and liabilities ranging from $1 billion to $10 billion in its filing with the Delaware bankruptcy court.

In a strategic move, Express Inc. has appointed Mark Still as its new Chief Financial Officer, effective immediately. Still, who has been serving as interim CFO since November 2023, brings a wealth of experience to the role.

As part of the bankruptcy process, Express Inc. plans to close approximately 95 Express retail stores and all UpWest stores, with closures beginning as early as Tuesday. While specific locations were not disclosed, the company’s website indicates an existing footprint of about 530 Express retail and Express Factory Outlet stores in the United States and Puerto Rico, along with approximately 12 UpWest retail stores.

Since its establishment in 1980, Express has grappled with soft consumer demand amid shifting spending patterns and heightened price sensitivity in discretionary sectors. To navigate these challenges, the retailer has secured a commitment of $35 million in new financing from existing lenders.

Express Inc. reassured stakeholders that it will continue normal operations while undergoing a court-supervised process aimed at facilitating a formal sale. The company disclosed receiving a non-binding letter of intent from a consortium led by WHP Global for the sale of a significant majority of its retail stores and operations. WHP Global, a brand management firm with ownership stakes in Toys “R” Us and fashion labels like Anne Klein, acquired a 7.4% stake in Express last year.

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