Fashion retailer Express Inc. has filed for Chapter 11 bankruptcy in the US, announcing plans to shutter over 100 stores, including all UpWest locations. With assets and liabilities ranging from $1 billion to $10 billion, the company cited soft consumer demand and increased price sensitivity as factors contributing to its financial struggles. Mark Still has been appointed as the new CFO, succeeding his role as interim CFO since November 2023.
Express aims to close about 95 Express retail stores and its entire UpWest chain, effective April 23. Currently operating approximately 530 Express retail and Express Factory Outlet stores in the U.S. and Puerto Rico, along with 12 UpWest stores, the retailer faces significant restructuring challenges.
Despite the bankruptcy filing, Express secured $35 million in new financing from existing lenders. It plans to continue business operations while undergoing a court-supervised sale process.
Express revealed receiving a non-binding letter of intent from a consortium led by WHP Global, which holds a 7.4 per cent stake in Express and owns brands like Toys "R" Us and Anne Klein. The proposed sale aims to offload a substantial portion of Express' retail stores and operations.
