These 95 Express stores are set to close amid bankruptcy: court documents
Closing sales have begun at 95 Express stores across more than 30 states following the clothing retailer's bankruptcy filing.
(KRON) – Closing sales have begun at 95 Express stores across more than 30 states following the clothing retailer's bankruptcy filing.
Ohio-based Express Inc. was founded in 1980. It was once a trendsetter of casual office attire, but has struggled to compete with the likes of Zara and H&M, and has now filed for Chapter 11 bankruptcy protection.
Express revealed the company received a non-binding letter of intent from a consortium led by WHP Global to potentially purchase the majority of its stores. According to Express, the bankruptcy filing was to “facilitate the sale process.”
Express, which is the parent of the Bonobos and UpWest brands, said it plans to close 95 of its Express retail stores and all 10 of its UpWest stores.
The locations slated to close, listed in court filings, can be found in the table below:
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Closing sales at locations being shut down began Tuesday. Beyond these closures, Express said that it expects to conduct business as usual.
Beyond its UpWest storefronts, the company operates about 530 Express retail and Express Factory Outlet stores in the United States and Puerto Rico, in addition to roughly 60 Bonobos Guideshop locations as well as online operations for these brands, according to Express’ website.
Express reported nearly $1.2 billion in total debts and $1.3 billion in total assets as of March 2 in its Chapter 11 petition, which was filed in U.S. Bankruptcy Court for the District of Delaware.
The Associated Press contributed to this report.