Popular fashion retailer Express Inc, based in Columbus, Ohio and founded in 1980, has taken a major hit as it files for Chapter 11 bankruptcy protection. The once trendsetting brand, known for its casual office attire, is now seeking to sell the majority of its stores, including popular brands like Bonbons and UpWest.
As part of its restructuring plan, Express plans to close 95 retail stores and all 10 UpWest stores, with closing sales set to start this Tuesday. A group led by consumer brand acquisition firm WHP Global has shown interest in purchasing the majority of Express’ stores and operations.
The company reported total debts of nearly $1.2 billion and total assets of $1.3 billion in its Chapter 11 petition filed in U.S. Bankruptcy Court. Analysts attribute Express’ struggle to increased competition from fast fashion retailers like H&M and the rise of athleisure brands.
Express is not alone in facing financial troubles, as a number of retailers have also filed for Chapter 11 this year. The company has secured $35 million in new financing, subject to court approval, in addition to $49 million obtained earlier from the IRS related to the CARES Act.
Mark Still has been appointed as chief financial officer, effective immediately, after serving as interim CFO since November 2023. With the retail industry facing ongoing challenges, analysts predict a similar pace of bankruptcies as last year. Stay tuned for more updates on the fate of Express Inc.
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