Express files for bankruptcy: How many stores will close and closing date

Multi-brand fashion retailer Express has filed for Chapter 11 bankruptcy protection at a court in Delaware. The company, which runs other brands such as menswear line Bonobos and UpWest Express says it will shut down more than a hundred stores.

It will close 95 Express stores and all of its UpWest outlets, but has not disclosed their exact locations. The sales at stores that will be closing are set to begin on Tuesday, April 23, 2024. Business hours at these locations will not be affected, and staff will be on hand to facilitate returns and exchanges.

Purchases at the retailer, which was launched in 1980, had been affected by weaker demand amid shifting spending patterns of consumers.

Aside from the closures, Express also announced a change in leadership with the appointment of Mark Still as Senior Vice President and Chief Financial Officer. Still has served as the Company’s interim CFO since November last year.

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Consortium sends letter of intent to buy Express

Existing lenders of the company have committed $35 million in new financing, on top of the $49 million it had already received from the Internal Revenue Service in relation to the CARES Act. This gives Express some leeway as it seeks to reorganize the firm.

Express has received a non-binding letter of intent from a group led by brand management company WHP Global, which is interested in acquiring a large majority of the clothing store’s branches. WHP Global owns Toys “R” Us and Anne Klein.

Last spring, WHP entered into a joint deal with Express to acquire Bonobos’ operating assets and related liabilities for $25 million from retailing giant Walmart.